Boomers deepen housing problems

[Power Raid]

GST is a tax on everyone including poor

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that's easy to fix by increasing minimum wages and social welfare. Inflation is currently not an issue anyway.

the biggest benefit is it eliminates corporate tax evasion and transfer pricing.

We should follow NZ, just as Ken's advisors suggested......15%........but they also recommend the base should be expanded to everything. I personally like no GST on fresh food and other essentials.


Please remember the laws of economics being price elasticity. This highlights income taxes, stamp duty and GST are burdens on both the buyer and seller. but as highlighted, I do not support broadening the base.

 

[utility]

would you support increasing GST and introducing property taxes?

In isolation obviously not. They were part of broader recommendations. Replacing stamp duty with property taxes makes sense.

 

[Power Raid]

What - you don’t think there isn’t already a class system in Australia

not one enshrined by tax law

but that would have changed if labor and the greens had there way. That said, labor is motivated to keep people down so they have a purpose.

 

[utility]

Inflation is currently not an issue anyway.

Huh? House prices say hello.

Food prices are clearly on the rise as well.

 

[Power Raid]

Huh? House prices say hello.

Food prices are clearly on the rise as well.

we are seeing asset prices increase but not inflation

inflation would ordinarily cause interest rates to rise and asset prices to pull back. The issue though is the government can't afford the banks to lose international funding and banking ratios to be breached. Nor can they afford unemployment to rise or stagflation.

So they will print money in time and hello inflation..........all to preserve the wealth of the wealthy

 

[Off The Couch]

not one enshrined by tax law

but that would have changed if labor and the greens had there way. That said, labor is motivated to keep people down so they have a purpose.

genuinely interested to hear what you mean by that

 

[Spitty_the_alpaca]

I started this thread thinking the boomer bashers would come in frothing at the mouth, disappointment big time. Having said that the boomers are between 57-75 years old so half of them are still active and working.

 

[Spitty_the_alpaca]

Remove franking credits - 123mil a week is what it costs
Just think about how much social housing that builds and how low cost home loans for that housing gets people into their own homes.

**** that, my portfolio is directed at companies that pay franking credits. Self funded retiree...... not sucking on the public teat.....no pension...... no cost to the tax payer......what dont you get?

 

[Evolved1]

A basic necessity like housing should be affordable to our youth. I blame government rather than boomers.

 

[Caesar]

fu** that, my portfolio is directed at companies that pay franking credits. Self funded retiree...... not sucking on the public teat.....no pension...... no cost to the tax payer......what dont you get?

Franking, my dear - I don’t give a damn

 

[Hawk Dork]

fu** that, my portfolio is directed at companies that pay franking credits. Self funded retiree...... not sucking on the public teat.....no pension...... no cost to the tax payer......what dont you get?

Yet the public teat is giving franking credits (tax refunds) to people who pay no tax

 

[Kram]

The constant whining is doing my head in.
Even if I sold my home, it would only be affordable to a top end market and then us moving to the “outer” suburbs removes us access to medical services that we will require as we do age when we can no longer drive.

I want to keep my home so grandkids can stay over, family can still come stay and I just don’t see why I should move just to accomodate the “we want it now crowd”

Remove franking credits - 123mil a week is what it costs
Just think about how much social housing that builds and how low cost home loans for that housing gets people into their own homes.

You just want to go right after people in liquid assets (that already get flogged) again because you barely have any. Anyway the refund is here to stay...

A real rort is people living million+ houses, claiming pensions and then the kids just collecting it, should be an inheritance tax if you want welfare sitting on such an asset.

 

[kickazz]

fu** that, my portfolio is directed at companies that pay franking credits. Self funded retiree...... not sucking on the public teat.....no pension...... no cost to the tax payer......what dont you get?

Franking credits kind of are a cost to the taxpayer

 

[Hawk Dork]

Franking credits kind of are a cost to the taxpayer

only billions and billions of dollars the richer you are and the less tax you pay the more you get from the tax payer

 

[Kram]

Franking credits kind of are a cost to the taxpayer

It's a massive myth that only the wealthy collect them in retirement, really if they wanted to make a change (which I understand because it costs a fortune) it should have been capping the amount you could claim back at $10-20k so the little guy didn't get hit.

 

[kickazz]

It's a massive myth that only the wealthy collect them in retirement, really if they wanted to make a change (which I understand because it costs a fortune) it should have been capping the amount you could claim back at $10-20k so the little guy didn't get hit.

Yeah.

This principle is a good one that could apply in many instances.

E.g bulk billed doctor visits. The customer paying a nominal amount like $5 toward the visit, capped at 5 or ten visits so the really I'll people don't get screwed over.

 

[aucklandhawk]

If a worldwide pandemic wont bring down housing prices then getting some old people to move out of their current homes into smaller places isn't going to do a single thing.

Housing in Australia and New Zealand is ridiculous, easy for older people to say all you have to do is save in your early years when they didn't even have to pay back university debts and a decent house cost around 3 years of the average persons wage.

 

[Off The Couch]

fu** that, my portfolio is directed at companies that pay franking credits. Self funded retiree...... not sucking on the public teat.....no pension...... no cost to the tax payer......what dont you get?

Form of welfare in itself - why don’t you think you aren’t costing the taxpayer anything.

It’s unsustainable and why the whole tax system needs reviewing and this time implemented rather than cherry picking. We are in a worse position now than when the review was done and the only ones benefiting from the tax cuts are the high income earners and this bullshit rhetoric from this current Government that they deserve it because they WORK HARD is just that - bullshit. EVERYBODY WORKS HARD.

 

[MrsEddieBetts]

They bought their houses fair and square, why should they have to move? My mum is in a 4 bedroom house but she has her grandkids over for sleepovers, my stepdad's family live interstate so they come and stay for weeks at a time etc. They need the space.

 

[mr bagcroft]

They bought their houses fair and square, why should they have to move? My mum is in a 4 bedroom house but she has her grandkids over for sleepovers, my stepdad's family live interstate so they come and stay for weeks at a time etc. They need the space.

Yep I agree. I dont want to be harsh, but **** these entitled young campaigners, guess what? Sometimes shit just dosent work out and you cant afford what you want. Its called life!

 

[FRUMPY]

They bought their houses fair and square, why should they have to move? My mum is in a 4 bedroom house but she has her grandkids over for sleepovers, my stepdad's family live interstate so they come and stay for weeks at a time etc. They need the space.

Exactly, pathetic people complaining about others owning/occupying houses they want to own themselves (but cant afford and still complain)

 

[t_94]

Exactly, pathetic people complaining about others owning/occupying houses they want to own themselves (but cant afford and still complain)

I agree but works both ways. Boomers don’t seem as keen to acknowledge that they bought their houses when they were affordable or could get a free education.[/QUOTE]

 

[burge13]

It's a massive myth that only the wealthy collect them in retirement, really if they wanted to make a change (which I understand because it costs a fortune) it should have been capping the amount you could claim back at $10-20k so the little guy didn't get hit.

All sorts of these kind of things probably should be 'capped'

Negative gearing capped at x amount of houses
Childcare/family benefits capped at x amount of kids
Franking credits capped at x amount per annum

People rort all sorts of shit but it doesn't mean it shouldn't exist. Just cutting your nose to spite your face getting rid of them

Housing is just an idiotic complaint though. The people complaining would never be able to afford by the bench/close to the CBD anyway. Does it matter?!

No different to the idiots that say "all these foreigners coming over, taking our jobs". Yes, those Indian doctors are taking your potential job, Trev the courier. Complaining about stuff that you're not in scope for is so dumb

 

[FRUMPY]

I agree but works both ways. Boomers don’t seem as keen to acknowledge that they bought their houses when they were affordable or could get a free education.

But they probably bought out in Ivanhoe (for example) because they couldnt afford richmond when they were growing up etc etc. And they probably complained at the time they had a 25min train ride rather than a 5min train ride

 

[mr bagcroft]

I agree but works both ways. Boomers don’t seem as keen to acknowledge that they bought their houses when they were affordable or could get a free education.

Why should they have to acknowledge anything? (Im not a boomer BTW).
The dealt with the market as it was at the time, like generations before them.
They lucked out a bit? Well good for them!
Jesus Christ,they dont owe anyone an apology for buying housing at the market rate of the time !