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John Passant

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Keep socialist blog En Passant going - donate now
If you want to keep a blog that makes the arguments every day against the ravages of capitalism going and keeps alive the flame of democracy and community, make a donation to help cover my costs. And of course keep reading the blog. To donate click here. Keep socialist blog En Passant going. More... (4)

Sprouting sh*t for almost nothing
You can prove my 2 ex-comrades wrong by donating to my blog En Passant at BSB: 062914 Account: 1067 5257, the Commonwealth Bank in Tuggeranong, ACT. More... (12)

My interview Razor Sharp 18 February
Me interviewed by Sharon Firebrace on Razor Sharp on Tuesday 18 February. http://sharonfirebrace.files.wordpress.com/2014/02/18-2-14-john-passant-aust-national-university-g20-meeting-age-of-enttilement-engineers-attack-of-austerity-hardship-on-civilians.mp3 (0)

My interview Razor Sharp 11 February 2014
Me interviewed by Sharon Firebrace on Razor Sharp this morning. The Royal Commission, car industry and age of entitlement get a lot of the coverage. http://sharonfirebrace.com/2014/02/11/john-passant-aust-national-university-canberra-2/ (0)

Razor Sharp 4 February 2014
Me on 4 February 2014 on Razor Sharp with Sharon Firebrace. http://sharonfirebrace.files.wordpress.com/2014/02/4-2-14-john-passant-aust-national-university-canberra-end-of-the-age-of-entitlement-for-the-needy-but-pandering-to-the-lusts-of-the-greedy.mp3 (0)

Time for a House Un-Australian Activities Committee?
Tony Abbott thinks the Australian Broadcasting Corporation is Un-Australian. I am looking forward to his government setting up the House Un-Australian Activities Committee. (1)

Make Gina Rinehart work for her dole
(0)

Sick kids and paying upfront

(0)

Save Medicare

Demonstrate in defence of Medicare at Sydney Town Hall 1 pm Saturday 4 January (0)

Me on Razor Sharp this morning
Me interviewed by Sharon Firebrace this morning for Razor Sharp. It happens every Tuesday. http://sharonfirebrace.com/2013/12/03/john-passant-australian-national-university-8/ (0)

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How about increasing taxes on the rich?

Finance Minister Matthias Cormann has suggested if the government can’t get the rest of its Budget attacks on the poor, the sick, the disabled, the unemployed and workers through the Senate, it will consider tax increases.

I agree. 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. Not to mention decent pensions at a decent retirment age, decent disability pensions, decent unemployment benefits.

Imagine a wealth tax applying to the top 20% of wealth holders, those who own almost 50% of the more than $6 trillion of Australian assets. Even a 1% wealth tax on these people would yield about $30 billion a year.

Abolishing the superannuation tax concessions for the top 20% would recoup some of the $15 billion annually in revenue foregone.

Some of that revenue foregone if abolished would flow into negative gearing. OK, so allow rental losses only to be offset against rental income. This quarantining of negative gearing losses would yeild a few billion.

Capital gains on assets held for more than 12 months are discounted by 50 percent. Eighty percent of taxable capital gains are made by the top 20%. They benefit from this concession to the tune of billions. Tax capital gains like all other income. There’s a few more billion in revenue.

Real rent taxes on all resource companies and banks would raise tens of billions without impacting on their required return.

Deputy Commissioner Jim Killaly told us in 2010 that between 2005 and 2008 40% of big business paid no income tax. After the global financial crisis the figure is likely to be much higher. When they do pay tax, their effective tax rate (on average about 20% but in some industries like mining much lower) is well below the company tax rate of 30%. Maybe a minimum company tax imposed for example on their assessabler income think sales revenue) rather than taxable income is one way to recoup some tax from these non-taxpayers.

This is just for starters. Over to you Matthias Cormann to tax the rich.

I am sure these and the many other suggestions for taxing the rich will be taken up by this progressive far sighted government. Flying pig alert. If only unions would get off their arses and fight for better wages, for jobs, against this government’s attacks on their members and their members’ family and to tax the rich. Another flying pig alert.

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Comments

Comment from philip
Time August 25, 2014 at 11:38 pm

Quote “1% wealth tax on these people would yield about $30 billion a year.”
Would it or like they are doing now they would just avoid paying it, trust accounts off shore account and whatever other things they do.

Comment from Jim Brash
Time August 26, 2014 at 1:26 am

We need to tax the rich more in every developed nation and raise the wages of average workers. No governments outside of Ecuador & Venezuela are willing to do this.

Comment from Lorikeet
Time August 26, 2014 at 12:03 pm

Good points have been made by everybody here.

The UN agenda (along with the superannuation industry) requires the world’s governments to go broke and investment bankers to take over every utility and service, including the housing market, education system, public transport and hospitals (while clobbering the welfare system).

Once we understand the goals and the mechanisms, we can easily predict ongoing manoeuvres in the direction of developing a worldwide corporate neo-communist regime.

Some people say this is a contradiction in terms e.g. corporate/communist. However once corporates have all the power they will use it to give the poor and average a complete thrashing, while a thin uppercrust lives high on the hog.

When returns on superannuation are other investments are low, the rich will be screaming for their pounds of flesh, which will be stripped off the backs of workers and service recipients.

This is already happening in aged care centres backed by The Macquarie Group.

Comment from Chris Warren
Time August 26, 2014 at 5:22 pm

Deputy Commissioner Jim Killaly told us in 2012 that between 2005 and 2008 40% of big business paid no income tax.

I vaguely remember this. What is the source? I would like to use it elsewhere?

Comment from Ross
Time August 26, 2014 at 5:49 pm

You don’t need to raise taxes when you have your own Govt banks. Egypt is now creating its own money debt free for infrastructure programs. Russia is doing this also. China has had many Govt banks for decades and will soon be the top economy on the planet.

This is why the BRICS nations are being demonised by our banking cartels. They are losing their power of enslaving countries via debt.

Don’t forget about a tobin tax on all currency and derivative transactions. That can raise $135 billion.

Comment from John
Time August 26, 2014 at 7:10 pm

Chris, the ATO website: https://www.ato.gov.au/Media-centre/Speeches/Examining-Compliance,-ATO-Governance—Tax-Risk-Management/

Comment from Ross
Time August 26, 2014 at 10:30 pm

The obivious answer John is a flat tax with no excuses for evasion. We then don’t need thousands of pages of the tax act and a whole parasitic structure to implement it.

Who will have the courage to initiate it ?

Comment from Lorikeet
Time August 28, 2014 at 10:13 am

Won’t a flat rate of taxation still advantage upper middle and high income earners? To my knowledge, this is one of the policies of the Galileo Movement, a very right wing group.