Archive for 'Tax cuts'
Posted by John, October 25th, 2012 - under ATO, Australian Tax Office, Commissioner of Taxation, Tax, Tax Office, Tax avoidance, Tax cuts, Tax design, Tax expenditures, Tax policy, Tax reform, Tax the rich.
The Treasurer has today been telling us the Minerals Resource Rent Tax is working precisely as it should – not raising any tax. The hospital in Yes Minister worked perfectly too – it didn’t have any patients.
There are 2 important aspects of tax havens – low or no tax and bank secrecy. Henry is about less imposition by the state on the other hostile brothers and in keeping the accumulation process which creates surplus value ticking over and running smoothly it has to reduce its taxes on capital to do so. This is the logic of tax competition – and tax havens are its ultimate expression.
There is a thread that runs through the Henry Tax Review and the thinking of O’Dwyer and perhaps Bartos. It is that the state should take less out of the earnings of capital, earnings created by the labour of workers.
It may be this ‘tax capital less’ mantra is a response to a systemic problem, the tendency under capitalism of the rate of profit to fall. Cutting tax rates won’t address that threat to capitalism. Paradoxically it might increase it in the long term.
A return to the big strike levels of the late 60s and early 70s over wages, jobs and taxes can reverse the wealth shift to capital from labour and the increasing inequality arising from that shift.
The failure of Labor to progress real and progressive tax reform (as opposed to fiddling at the edges with business tax cuts and the like) highlights the bankruptcy of social democracy in Australia today. A businessman, Mark Carnegie, suggested that the wealthiest should pay an extra 15 percent in tax to ease growing inequality. That great Labor icon, Bill Shorten, shot the idea down. Social democracy is dead.
Almost half of all big business pays no income tax and those that do mostly pay much less than the notional 30 percent headline rate. Tax business and the rich.
Julia Gillard has floated the idea of using some of the carbon tax revenue to increase pensions and cut taxes to offset the impact of the carbon tax. Beware.
Tax advisers are vultures on humanity. They feed on our living flesh with their demands for exorbitant sums for their knowledge of arcane tax laws. We mere mortals bow before these Delphic oracles and shower them with gifts for their ill-gotten insights. The bottom feeders eat the droppings of ordinary taxpayers and charge us for the privilege. The [...]
Posted by Bill, June 28th, 2009 - under ALP, Australia Institute, Australian politics, CEOs, Classes, HowRudd, Howard, Kevin Rudd, Keynesian neo-liberalism, Keynesianism, Merchant bankers, Neoliberal Keynesianism, Neoliberalism, Tax, Tax cuts, Tax the rich.
The HowRudd Government is giving CEOs at least an extra $41 a week in tax cuts, but has nothing for those earning less than $34,000. That is Labor for you.