Tax the top 1-10% more?

[Elroo]

An interesting article in light of the calls by some sections of society to tax the top 1% or even the top 10% of the societies richest at a higher rate to cure the worlds problems. When you consider the top 10% only needs net assets of approximately $100,000 (Aus) or $1,100,000 (Aus) to be in the top 1%; I wonder if this would have an affect on anyone's opinions?

Richest 1 per cent own half the world's wealth: report

Inequality has grown since the global financial crisis (GFC) and the richest 1 per cent now own half of all household wealth in the world, a report has found.

So much of the world remains relatively poor that it has taken a net worth of just $US3210 ($4400) this year to be among the wealthiest half of all world citizens, according to Credit Suisse's Global Wealth Report 2015.

And it doesn't take obscene amounts of money to rank among the richest of the world's 7 billion citizens. A net worth of more than $US68,800 puts you in the top 10 per cent of all global wealth holders. Once debts are subtracted, you need $US759,900 to be in the top 1 per cent, the report found.

The boom in wealth at the very top marks the reversal of a trend that had lasted from the turn of the millennium until the financial crisis of 2008-09, analysts said.

In 2000, the share of wealth owned by the richest 1 per cent was 48.9 per cent. This fell to 44.2 per cent in 2009.

Now the wealthy are ascendant once more, "overtaking the 2000 level within the last 12 months", according to the report. "We estimate that the top percentile now own half of all household assets in the world," the analysts wrote.

http://www.theage.com.au/business/t...the-worlds-wealth-report-20151015-gkaide.html

 

[madmug]

An interesting article in light of the calls by some sections of society to tax the top 1% or even the top 10% of the societies richest at a higher rate to cure the worlds problems. When you consider the top 10% only needs net assets of approximately $100,000 (Aus) or $1,100,000 (Aus) to be in the top 1%; I wonder if this would have an affect on anyone's opinions?


http://www.theage.com.au/business/t...the-worlds-wealth-report-20151015-gkaide.html

If you own a house in Sydney you are in that 1%!

 

[Maggie5]

An interesting article in light of the calls by some sections of society to tax the top 1% or even the top 10% of the societies richest at a higher rate to cure the worlds problems. When you consider the top 10% only needs net assets of approximately $100,000 (Aus) or $1,100,000 (Aus) to be in the top 1%; I wonder if this would have an affect on anyone's opinions?


http://www.theage.com.au/business/t...the-worlds-wealth-report-20151015-gkaide.html

Not really necessary, just get them to pay some tax. That is pay ATO and not their accountants.

 

[pazza]

I would like to see a party take to an election a tax policy whereby if you earn a certain amount and have a net worth of a certain amount (both at least $11 million) you pay a tax rate of 50%. We wouldn't be in debt.

 

[Todman]

I would like to see a party take to an election a tax policy whereby if you earn a certain amount and have a net worth of a certain amount (both at least $11 million) you pay a tax rate of 50%. We wouldn't be in debt.

Naïve.

Governments like to spend what they receive. Why pay off the debt.

 

[Gough]

Naïve.

Governments like to spend what they receive. Why pay off the debt.

Wasn't the debt, and deficit crisis the single biggest issue in Oz politics until not that long ago? We were heading for a Greek like disaster, that seemed to be the common narrative. Now it doesn't matter, seems a bit odd.

 

[AM]

I would like to see a party take to an election a tax policy whereby if you earn a certain amount and have a net worth of a certain amount (both at least $11 million) you pay a tax rate of 50%. We wouldn't be in debt.

Rather see the re-introduction of an inheritance tax for estates worth over $2m; taxing family trusts as companies; removing negative gearing; amending superannuation rules to remove the rorts; lowering the tax free sum. That's a start and would reap billions.

 

[Todman]

Rather see the re-introduction of an inheritance tax for estates worth over $2m; taxing family trusts as companies; removing negative gearing; amending superannuation rules to remove the rorts; lowering the tax free sum. That's a start and would reap billions.

Politics of envy.

 

[ralphmalph]

http://www.pc.gov.au/research/completed/tax-and-transfer-incidence

This paper was released on 7 October 2015. This paper sheds light on how Australia's tax and transfer system functions to distribute income across the population and over lifetimes. It:

• provides a descriptive analysis of the flow of major taxes (personal income tax and GST) and transfers between families under existing policy settings
• examines the direct impact of the tax and transfer system on returns to paid work
• examines how families contribute to taxes and benefit from transfer payments over the course of their lives under various assumptions, and projects tax and transfer flows in the future.

See some discussion here: http://www.theguardian.com/australi...-moochers-and-yes-the-gst-is-a-regressive-tax

 

[pazza]

Politics of envy.

No - it's about finally giving the battlers something to smile about. Everyone is sick to death of the poor having to do all the work.

 

[AM]

Politics of envy.

Ah! The old right wing mindless rhetoric we're so accustomed from you. Either offer something vaguely thoughtful or piss off.

 

[Lebbo73]

Politics of envy.

That is socialism for you!

 

[Power Raid]

Socialism is perfect until you run out of other people's money

 

[Power Raid]

Rather see the re-introduction of an inheritance tax for estates worth over $2m; taxing family trusts as companies; removing negative gearing; amending superannuation rules to remove the rorts; lowering the tax free sum. That's a start and would reap billions.

1) don't bother waiting until death. Just introduce a proper property tax and tax wealth and at the same time lowering property prices
2) you clearly don't understand trusts and franking credits to bother taxing trusts as companies. You do now trusts are taxed at 48.5% and companies 30% on undistributed profits.

 

[Todman]

No - it's about finally giving the battlers something to smile about. Everyone is sick to death of the poor having to do all the work.

Work hard for a living and you'll get what you deserve.

 

[Gough]

Sounds like you'd support some sort of inheritance tax then? You don't see too many trustafarians putting in the hard yards.

 

[AM]

1) don't bother waiting until death. Just introduce a proper property tax and tax wealth and at the same time lowering property prices
2) you clearly don't understand trusts and franking credits to bother taxing trusts as companies. You do now trusts are taxed at 48.5% and companies 30% on undistributed profits.

You need to update yourself because frankly your knowledge of the manipulative ability for tax minimisation is enormous in family trusts. It's why they are so pervasive and growing.

Let me quote from two articles in the Fin Review this year. A publication not exactly known for having egalitarian values.

There's one structure experts say has no parallel when it comes to its tax-saving abilities – the family trust.

Family trusts and the ATO have a long history. Because of the ability to structure things so that less tax is paid, the ATO has maintained a strong interest in the intricacies of how they operate.

 

[pazza]

Work hard for a living and you'll get what you deserve.

I have said this before and will say it again....the battlers work harder and longer than rich people. Fact. Therefore they (as in those earning <$50K)...should have their income declared tax-free.

 

[Lebbo73]

I have said this before and will say it again....the battlers work harder and longer than rich people. Fact. Therefore they (as in those earning <$50K)...should have their income declared tax-free.

I agree. No welfare entitlements for them as well.

 

[pazza]

I agree. No welfare entitlements for them as well.

No they stay. Very difficult to live on $30k a year or less as our pensioners, students and unemployed know only too well. Hospitality workers face similar problems. We need equity of income distribution.

 

[Todman]

I have said this before and will say it again....the battlers work harder and longer than rich people. Fact. Therefore they (as in those earning <$50K)...should have their income declared tax-free.

Poppycock. myth

 

[sproketman]

Poppycock. myth

You inherited your wealth didn't you?

 

[crackerjack4X4]

No they stay. Very difficult to live on $30k a year or less as our pensioners, students and unemployed know only too well. Hospitality workers face similar problems. We need equity of income distribution.

A pensioner I know (owns her home, doesn't drink or smoke, lives a simple life) Told me the other day that the pension is to generous

 

[Todman]

You inherited your wealth didn't you?

No , I'm a self made bastard.

 

[sproketman]

No , I'm a self made bastard.

In what industry?