Australian Politics General...

[Tisme]

These podcasts are rather interesting, Sam Dastyari observations are insightful.

http://www.tai.org.au/podcasts

 

[SirRumpole]

Ken Henry sprays the political and media system,



And Rightly So !



http://www.abc.net.au/news/2017-02-...ad-ken-henry-attacks-political-system/8296692

 

[PZ99]

...and yet 18 months ago he advises the Govt to delay tax reform until after the election... in other words, not take tax reform to an election...
http://www.afr.com/news/special-rep...-turnbull-to-delay-tax-reform-20150922-gjsrjx

I'm no fan of Ken Henry at all. He wanted to tax the family home, raise the super preservation age, increase the GST and put up a mining tax. That all went down very well

 

[SirRumpole]

...and yet 18 months ago he advises the Govt to delay tax reform until after the election... in other words, not take tax reform to an election...
http://www.afr.com/news/special-rep...-turnbull-to-delay-tax-reform-20150922-gjsrjx

I'm no fan of Ken Henry at all. He wanted to tax the family home, raise the super preservation age, increase the GST and put up a mining tax. That all went down very well

He wanted better consultation and education of the community first.

Mr Henry said the "genuine education of or at least consultation" with the community that is required for successful tax report hasn't happened. "And we're going to need at least that for this tax reform package."

 

[noco]

...and yet 18 months ago he advises the Govt to delay tax reform until after the election... in other words, not take tax reform to an election...
http://www.afr.com/news/special-rep...-turnbull-to-delay-tax-reform-20150922-gjsrjx

I'm no fan of Ken Henry at all. He wanted to tax the family home, raise the super preservation age, increase the GST and put up a mining tax. That all went down very well

So how do you suggest the government pay back the bad debt of $500 billion most of which was created by Labor's bad management and and again by Labor for blocking economic savings in the senate....Including $5 billion savings which was in their own policy.

 

[PZ99]

So how do you suggest the government pay back the bad debt of $500 billion most of which was created by Labor's bad management and and again by Labor for blocking economic savings in the senate....Including $5 billion savings which was in their own policy.

Not spending an extra $50b on tax cuts for a start. Reforming negative gearing is another.

First of all, it's not the $500b you have to worry about. It's the net debt... around $300b.
One of the biggest drag on budgets is health. So the Medicare levy needs to be looked at. It's currently pulling in around half its annual costs. So it needs to be increased in gradual increments. 2% extra will mitigate the interest bill... around $15b a year.

Finish the NBN rollout. Every connection is revenue. The more people connected the greater the revenue. Eventually, it'll be sold off just like everything else gets done when Libs are in power.

That's all you need to do for now. Over time the future fund will increase and its gains fed into the budget every year will increase.

Most important. Stop talking the economy down with constant jibes about debt. Consumer confidence is an inexhaustible commodity.

That's my plan. What's yours ?

 

[Tisme]

Not spending an extra $50b on tax cuts for a start. Reforming negative gearing is another.

First of all, it's not the $500b you have to worry about. It's the net debt... around $300b.
One of the biggest drag on budgets is health. So the Medicare levy needs to be looked at. It's currently pulling in around half its annual costs. So it needs to be increased in gradual increments. 2% extra will mitigate the interest bill... around $15b a year.

Finish the NBN rollout. Every connection is revenue. The more people connected the greater the revenue. Eventually, it'll be sold off just like everything else gets done when Libs are in power.

That's all you need to do for now. Over time the future fund will increase and its gains fed into the budget every year will increase.

Most important. Stop talking the economy down with constant jibes about debt. Consumer confidence is an inexhaustible commodity.

That's my plan. What's yours ?

A bit easier than that, just send our forward growth to a stall condition, just like Howard did and sell off assets

Of course peak debt of 13% of GDP occurred under the LNP economic managers in 2014/15...this is good debt because it isn't Labor's debt.... it will become bad debt again when the ALP win the next election to fix Malcolm's Mess.

 

[Tisme]

So a foreign sectarian Jew leader comes over and insults one of our secular leaders and our own chief leader delights in the spectacle of an overt discriminatory act that would/should be unconstitutional here? Very patriot indeed and does indeed show the hatred of the working class in Oz by the elites.

I want to be a fly on the wall when Shorten becomes PM and cancels the contracts for the drones, etc we buy from them.

Of course the Maritime Workers union and its affiliates will now wreak vengeance on Israel for having the impudence to insult OUR country, which apparently is considered by the LNP to be the patritions = the 30% who vote Liberal of course.

http://www.dailytelegraph.com.au/ne...a/news-story/95ae7b0cb280daae075d3dc753482248

 

[moXJO]

.

I want to be a fly on the wall when Shorten becomes PM

Might be waiting a while. I don't see that toad being PM anytime soon.

 

[SirRumpole]

So how do you suggest the government pay back the bad debt of $500 billion

* Negative gearing, capital gains, superannuation reform.
* Export tax on gas, minerals.
* Shelve corporation tax cut most don't pay the full rate anyway.
* Give a tax cut to low/middle income earners who will spend this in the economy and generate income for business which will result in more employment.

 

[Value Collector]

* Negative gearing, capital gains, superannuation reform..

What sort of reform would you want on capital gains?

 

[SirRumpole]

What sort of reform would you want on capital gains?

There is a 50% discount on CGT if a property is held for a year ? That discount could be altered downwards to reap more government revenue.

 

[luutzu]

There is a 50% discount on CGT if a property is held for a year ? That discount could be altered downwards to reap more government revenue.

I never really understand how they managed to convince the public that capital gain is somehow a different income to income from labour. One that ought to be treated with a special discount.

To encourage investments; reward aussie battlers who's doing it tough they have cash to spare investing in stuff.

 

[McLovin]

I never really understand how they managed to convince the public that capital gain is somehow a different income to income from labour. One that ought to be treated with a special discount.

It's to stop people paying tax on capital gains that are the result of inflation. Pre the discount cap gains were indexed to remove the effect of inflation.

 

[SirRumpole]

It's to stop people paying tax on capital gains that are the result of inflation. Pre the discount cap gains were indexed to remove the effect of inflation.

There is no discount for inflation for income tax is there ?

Malcolm Fraser once mention tax indexation but it never happened.

So luutzu is correct, capital gains should not be treated differently to income tax.

 

[McLovin]

There is no discount for inflation for income tax is there ?

Why would there be? We're not in Zimbabwe.

 

[SirRumpole]

Why would there be? We're not in Zimbabwe.

So there is none needed on CGT either.

 

[PZ99]

Tony Abbott: Coalition in danger of becoming ‘Labor lite’

FORMER Prime Minister Tony Abbott has penned a highly critical analysis of the Turnbull Government, highlighting voter “despair” and concerns “the Coalition has become Labor lite.”

In a stark manifesto, the leader of the Liberal Party’s Right said the next election was winnable and outlined his own plan that would take the Coalition to victory, from “scaled back immigration”, to scrapping the Human Rights Commission and ending the pandering to climate change theology.

Mr Abbott also acknowledged the disappointment in his own Government and said he could understand why support was surging for One Nation.

http://www.dailytelegraph.com.au/ne...k=e9bbac719df9f4e81c3347abd9650d30-1487843074

Another dagger in the derriere from the dill. This guy really hates his own Govt. Weirdo.
Why not just bugger off and join Bernardi or Hanson if you can't get over your sour grapes?

 

[luutzu]

It's to stop people paying tax on capital gains that are the result of inflation. Pre the discount cap gains were indexed to remove the effect of inflation.

Say that again? I think I understand it, but not really.

 

[Value Collector]

I never really understand how they managed to convince the public that capital gain is somehow a different income to income from labour. One that ought to be treated with a special discount.

To encourage investments; reward aussie battlers who's doing it tough they have cash to spare investing in stuff.

It is different, without the discount there is double taxation.

Alot of the capital gain shareholders make is due to retained earnings, which have already been taxed, taxing the share holder for their "capital gain" which is largely due to the company retaining earnings, means the share holder is being taxed twice.

Eg, XYZ share is $10, it earns $1 per share, pays tax of $0.30, retains the other $0.70 to grow the company, share price grows to $11.40, share holder sells and makes $1.40 capital gain, but half of that $1.40 capital gain is retained earnings, 50% capital gains tax discount prevents the double taxation that would occur if you charged tax on the full gain which included retained earnings.


Also as mcglovin said, part of the capital gain was due solely to inflation,