Monday, 11 April 2016

Tax integrity is a myth.

I understand why the privileged Liberals do nothing about tax minimisation. I'm buggered if I can understand how a party with its grass roots in the working class can sit idly by and do nothing to resolve what's happening in Australia. Personal income tax is staggered as you earn more you pay more the highest bracket for taxation being 45% at $180,000.00.
Paying tax isn't something we enjoy.Particularly when we see it being torched by inept politicians on frivolous things,often themselves. Having acknowledged that people believe as the tax system is framed everyone contributes. If the scale was applied that would be the case surely? Well no that's not the case at all.
Apparently the high earners have all sorts of taxation perks that our MPs probably avail themselves of. Possibly that is why they don't close the loopholes? Possibly it is because some of the beneficiaries are donors to political parties? Perhaps it's because the entire system is corrupt? The average people blissfully unaware they are being exploited. I'm led to believe this issue is enormous and kicks in reasonably low. Not low enough for the average punters. Superannuation loopholes & negative gearing are both heavily utilised in this process. There's also for the really big earners tax havens as recently highlighted in the Panama Papers.
The balance in our tax system is nonexistent. The low and middle-income taxpayers are carrying an extremely high proportion of the tax burden in Australia. This is why MPs cry poor citing a lack of revenue as they slash services to the bone and privatise assets they've had a hand in destroying.
This same template has been used in Europe and the USA.
The punters are being systematically screwed by the very people representing them.