NomNomRichest super balances to be taxed at higher rates after Greens agree to back Labor plan
No1Well $3M sounds like a lot now, but I hope they index it, because the way inflation and money printing is going, that will be worth about $3.50 in a decade or two, so everyone will be caught by it.
Don’t buy into the fear-mongering being pushed.
For a comfortable retirement in 2026, the amount required is ~$800K (this is already on the high end).
Assuming a consistent worst-case inflation rate of 4% every year (double the RBA target), it would take 25 years to hit $2m - let alone the $3m+ in question here.
There is a very small, very wealthy cohort with $3m+ in superannuation savings - and you, statistically speaking, aren’t part of it.
Fuck ‘em - they need to be taxed more.
Fuck ‘em - they need to be taxed more
You say this about the people that pay the majority of all income taxes already lol. When did this commie “successful people should be penalised more and more for being successful!” ideology become so popular in Australia?
No amount of extra tax from the wealthy is going to result in reduced taxes for everyone else. The wealthy and the high earners already pay almost all of the tax. All it’s going to do is end up in more government waste and corruption.
What’s your suggestion? Tax low income more? People of wealth have a significant ability to manipulate and reduce tax bills. I don’t think payroll tax is the answer, but taxing wealth, assets and corporations is.
No, taxing wealth and assets isn’t the answer. People shouldn’t be punished simply for being successful and owning things.
Your last point is - making corporations actually pay taxes. No more Apple Australia buying iPhones from Apple Scotland for the exact same price they sell them to customers for, meaning no profit in Australia, for example. No more mining giants paying nothing to literally sell the ground out from under us.
Income tax should be abolished, and instead make it spending/usage based. Spend more pay more.
The only thing I agree with “taxing the rich” for is fines - they should be percentage based. $1000 for your passenger having their seatbelt slightly off hurts someone earning $60k a lot more than it hurts someone earning $600k.
It’s not punishment for being wealthy, it’s giving back to the community that helps you live in luxury. The taxes won’t send them broke, or make a big dent in their savings.
And I agree with the fines. Should be a minimum plus a percentage of your last financial year’s income.
It is punishment. The wealthy already “give back” far more than the rest of the population in terms of tax.
It’s just pure jealousy.