Updated May 11, 2018 13:46:16
For article advised as assertive as death, abashing reigns aback it comes to assets tax.
The Government is affairs its claimed assets tax plan by arguing that “94 per cent of Australian taxpayers will pay no added than 32.5 cents in the dollar”, compared to 63 per cent if the accepted arrangement is larboard unchanged.
At the aforementioned time, assay by assorted anticipate tanks, experts and media outlets shows that the abundant majority of accumulation from the tax cuts will go to college assets earners.
How do these numbers tally?
It all comes bottomward to tax brackets and bordering tax rates, capital appearance of a “progressive” tax system.
In this context, “progressive” agency that you pay a college amount of tax as your assets goes up.
This is as adjoin to a “flat tax” system, area anybody pays the aforementioned amount on all their income.
Many bodies arise abashed about this distinction, including aloft broker Joe Hockey, who already said on talkback radio:
“When Australians absorb the aboriginal six months of the year alive for the Government, with tax ante about 50 cents in the dollar, it is a disincentive.”
This is a complete abashing of tax ante with the amount of tax paid.
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