Think Tank Australia Needs to Re-Think

[Black Orchid]

New Australia Institute research has identified three simple tax reforms which would raise an extra 70 billion dollars a year without hurting low or middle-income Australians.

The report – Three Ways Australia Can Tax Wealth Better – comes on the eve of Treasurer Jim Chalmers’ Economic Reform Roundtable, which recognises the growing need to raise more tax revenue to pay for things like health services, schools, housing, the NDIS, defence, and many, many more essential public services.


Key findings:

A 2% wealth tax on people worth more than $5 million (excluding the family home and superannuation) would raise $41 billion per year.

The reintroduction of an inheritance tax (which operated in various forms at a state and federal level in the 1960s and 70s) would not only reduce intergenerational inequality, it would raise $10 billion per year.

And the government would raise an extra $19 billion a year if it scrapped the capital gains tax discount, which would have the double benefit of making property more affordable for those currently locked out of the market.

“Australia is a low-tax country that does not do a good job of taxing wealth. It is one of the few developed economies in the world which has neither a wealth tax nor an inheritance tax,” said Matt Grudnoff, Senior Economist at The Australia Institute.

https://australiainstitute.org.au/post/ ... extra-tax/

More leftist BS. Australia is not a low tax country for a start. Malcolm Fraser abolished inheritance tax. It was one of the very few good things he did. If Chalmers falls for this he needs to be drawn and quartered.

[tllwd]

A lot of small business owners would be forced to give up their assets or go out of business with inheritance tax reintroduction.
That would increase unemployment so it is a bad idea.

[Bobby]

Hi BO,
the Govts in Australia Federal and the States are all desperate for tax money.
They spend far more than they take in.
They have all increased public service employees to record numbers.
They have allowed millions of people to immigrate here which has put
huge pressure on: housing, hospitals, schools, roads, rail and water infrastructure etc.
they have made enormous defence commitments -
$268 billion for 8 subs paying between 5 and 7 times the usual price.
$80 billion should have covered the cost.
Blame Scomo and Albo.
They put us into $1 trillion of Federal debt and about half again in State debt.

We're gunna have to pay for it - taxes will go up a lot more.
They will borrow more too and they will print money
causing high inflation making Super worthless.