Tax increases masked as tax reform
John Kehoe and Michael Read from the AFR had a good write up of the Cygnet’s speech at the National Press Club. And before you ask, a cygent is a baby swan. As in Jim Chalmers, Wayne Swan’s accolite.
WHAT A DUD.
At least Swan had ideas. They were terrible ideas, but still he had ideas.
Kehoe’s and Read’s openning paragraph:
Treasurer Jim Chalmers has pledged to lead an overhaul of Australia’s tax system that will include lower income taxes but no changes to the GST, as he admitted taxes overall would probably need to rise to repair the budget.
Just pause on this for a second. Reduced income taxes but not increases to GST.
They can’t increase company tax becuase there really isn’t any company tax except for foreigners because of dividend imputation.
What’s left? Superannuation taxes and land/property tax.
Jim’s comming for ya.
But equally concerning is proposition that the only way to “repair” the budget is from the revenue side. Nothing about expense management let alone expense reduction.
Middle class welfare - sacrosanct.
No means testing of NDIS. Not even citizenship requirement for NDIS.
Childcare subsidies for those earning half a million a year? Fuhgeddaboudit.
Closing down Frankenstein’s Future Funds to save over $10 billion a year in interest costs. To many rent seekers making political donations.
It’s not that spending needs to be contstrained by revenue but revenue must keep up with spending. Forget about the negative productivity effects of an ever larger proportion of the economy controlled by the government.
But good old Cygnet Jim wants consensus:
In a speech to the National Press Club in Canberra on Wednesday, Chalmers called on business groups and unions to forge consensus on ambitious economic reforms that were in the national interest.
Convergence of big government, big business and big labour. The other word for that is fascism. But you can’t say that so let’s call it Museliniism.
It’s like those spinning clowns who described the massive tax grab proposed by Bill Shorten and his idiot side kick Chris Bowen as tax reform. Increasing taxes across the board without offseting reducings is not reform. That’s ransacking.
Here is a snapshot of the budget tax receipts. All $650 million of them.
Where are the offsets gonna come from.
Just wait for the tax innovations to come thick and fast from the Department of Revenue - formerly know as Treasury.
Keep your friends close. Keep your enemies closer. Keep your money overseas becuase Cyget Jim is coming for it.
This is so on the money, I wish Ladbrokes would let us put some on it. The section 296 "unrealised gain" tax on super was just a toe in the water to see if it will fly. Now they have the power it will exponentially expand. Labour wants you to have just enough super that you still get a part pension, or what Chalmers says is "dignified retirement". Thats about $550K (what Chalmers spends on a fitted suit). Not $3M not $2M, $550K is what you CAN have in super and no more. After all Labour truly believes its not your money anyway. What's coming will be death by thousand cuts to achieve this. But Spart Im sorry property tax in Victoria is already more than 100% so he'll have to get it off Jacinta.
As you say Spart, baby swan is coming for all your money as he cannot restrain himself from spending our money in the most spendathon way he has become used to. I am sure that there are a lot of the population that could tell him where to cut spending and i will start with their NDIS and the public service.