YesThere are better ways to maintain the integrity of the tax base such as reducing the scope for income deductions.
Your example is extremely rare.
Mostly folk with houses worth more than $10 mill have gained them through either luck, inheritance or crime.
I am all in favour of these big houses being taxed to buggery.
gg
I am now 82 and living on the pension and my house is valued at over 2 million and I am on the pension.
Yep 1 mill for a 5 bedroom place on the beach, down the coast a bit and a mill in the bank...life's tough hey.If I was in this situation I would sell the house buy another newer one for 400k and put $1.6 Million in the bank at 4% and live like a friggin King!
Your example is extremely rare.
Mostly folk with houses worth more than $10 mill have gained them through either luck, inheritance or crime.
I am all in favour of these big houses being taxed to buggery.
gg
To me the biggest issue there are the means tests resulting in anomalous marginal tax rates where the benefits are progressively withdrawn.Yes
And cut out the stinking middle class welfare.
Yep 1 mill for a 5 bedroom place on the beach, down the coast a bit and a mill in the bank...life's tough hey.
I am now 82 and living on the pension and my house is valued at over 2 million and I am on the pension.
To me the biggest issue there are the means tests resulting in anomalous marginal tax rates where the benefits are progressively withdrawn.
Then you are a bludger. If you are that rich, why should you get a pension. If you have $2m shares you get zip, so why should you get a full pension if you own a $2m house. Borrow against, sell and trade down. Whatever. Battlers should not subsidise rich retirees.
I'm not saying we should get rid of it but rather reconstruct it as part of the tax system. This could be done as simply as offering non-means tested tax rebates for dependants. Where such rebates results in a negative tax liability (credit) this would simply be refunded to the household. Simplifying the tax/welfare system in this way would result in obvious winners and losers which makes it politically unpalatable. The tax winfall of the commodities boom would have helped here but that opportunity came and went.True but if you get rid of family tax benefit (I assume this is what we are talking about), then a lot of families will be in poverty.
Bill M ... no questions dude. THERE SHOULD BE NO TAX ON YOUR PRINCIPLE PLACE OF RESIDENCE .... EVER. Does not matter about the dollar value.
I believe this is open to tax evasion then. The thing is channelling $10 million into a property and then getting the pension is fundamentally wrong. Pensions were never meant for that, I don't think that my taxes should go to multi millionaires, sorry I disagree.
By the way, I am a self funded retiree and I expect nothing from the Government, I live off my own means.
I ask you one simple question trainspotter. Do you think there should be any high price where the taxes cuts in? For example do you think that it is fair for someone to buy a $10 million house at age 64 just so that person can get the full government pension at age 65 and pay no taxes? Where do we draw the line?
LOLOL Gooner .. go and get a job and work like the rest of us had to. If you read the post correctly you would see that it is an EXAMPLE. It has happened in WA already. The voter backlash made the state Govt pull it's horns in. Oh deary, deary me. Full pension my @rse .. it is means tested. They still receive a pension but considerably less than the FULL pension. LMFAOOOOOO.
Do you believe that rich is a 2 million dollar house that a man worked 55 years for and paid EVERY cent he had to in tax and brought up 4 kids and never hand a handout in his life? OMFG .... get in the real world. I read somewhere(20% return thread when TH was asking you some q's) that you are a bank trained think tank accountant or similar. Should not be hard for you to get a job then? Or does $700 a week sit comfortably in your hand from the Govt? I did not advocate subsidies for these people who find themselves in this position. This was YOUR words ... not mine. I merely explained that the STAUS QUO is adequate. No need to tax them at all.
Bill M ... no questions dude. THERE SHOULD BE NO TAX ON YOUR PRINCIPLE PLACE OF RESIDENCE .... EVER. Does not matter about the dollar value.
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