Archive for 'Tax the rich'
I wrote this – Abolish the GST and tax the rich instead – over 2 years ago. In light of calls to increase the GST rate from 10% to 15%, it remains relevant today. Hit the link to read the whole article.
These ball park figures would indicate that a tax of 100% on any earnings of the one per cent above $250,000 would potentially bring in $36,000,000,000 annually. That is $36 billion a year in tax revenue. This is a handy amount for public health, education, transport, pensions, the disabled and to address climate change.
The question is who to tax and I will argue that the rich and capital are capable of paying much more in taxes to fund a fair and equitable society in Australia but that a better way of redistributing income is for workers to win higher real wages. To hear my discussion of stopping the cuts and taxing the rich come along to the Solidarity Forum at 12.30 pm on Thursday 23 April in room 19.2040 at the University of Wollongong.
‘Nothing is off the agenda and your exciting ideas about taxing the rich should be part of the national conversation,’ Australian Treasurer Joe Hockey told me.
Given the widespread opposition to the 2014 Budget, the one percent have drawn an important lesson from that debacle – consult with the intended victims before launching attacks on poor people and workers. That is what the tax discussion paper is about. This Damascene conversion to talking to people begs the question – is a tax shit sandwich no longer a shit sandwich if it has consultation sprinkles on top? To ask the question is to answer it. The solution to the tax and budgetary dilemmas seems pretty clear. Tax the rich.
The outcome of neoliberal policy since 1983, when Hawke Labor began implementing it and laid out the red carpet for Howard and then Abbott, has been a massive shift in wealth in Australia from labour to capital. The process of neoliberal regulatory capture in tax policy and tax law has now, if Second Commissioner Mills’ speech is any indication, also successfully infected the administration of the Australian Tax Office. All the sweet words in the world will not disguise the fact that the fox is now in charge of the revenue hen house.
I have an article on tax avoidance and the G20 in Green Left Weekly. Here is how I finish it up: The best way to address the shift in wealth from labour to capital is not through the tax system but through fighting for big real wage increases. Our task should be to help build […]
I agree with Finance Minister Matthias Cormann. Taxing the rich and well off could easily address the Budget ’emergency’ and have enough left over to adequately fund better public health, public education and public transport as well as a move to a fully renewable energy society over the next decade.
Australian Tax Office to lose 3000 staff by October; what happens to revenue collections from the rich and powerful, Commissioner?
The one percent has captured not only Parliament and tax policy but tax administration now too. If that is true, the conclusion we might then reach is that the slaughter of Tax Office jobs currently under way is actually an attempt to administratively reduce taxes on capital by weakening the capacity of the ATO to tax the rich and powerful. Certainly that fits in neatly with the neoliberal cut taxes mantra of most politicians and the Treasury.
Over to you Commissioner of Taxation.
Posted by John, April 28th, 2014 - under Abbott government, Budget, Budget black hole, Budget cuts, Budget surplus, Manufactured crisis, Superannuation, Tax policy, Tax reform, Tax the rich, Wealth tax.
Let’s be clear here. Australia’s budget deficit is around ten percent of GDP, a very modest amount compared to other developed countries, and half of it a consequence of Abbott government decisions. Australia is a low tax and a low spending country. If we moved to the average tax rate of OECD countries we’d raise about an extra $100 billion a year. It is time not just to chant tax the rich but to mobilise around it as part of a wider push for socially progressive policies on jobs, the environment, indigenous Australians, asylum seekers, gays and lesbians, public health, public education, public transport, disability, pensions, child care and the like.