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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
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Sick kids and paying upfront

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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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Tax the one per cent at 100 per cent

Thinking some more about taxing the one per cent at 100 per cent, according to Anna Whitefield in The Age last year, an analysis by the Melbourne Institute ‘found that the 180,000 Australians in the top 1 per cent earned an average of just under $400,000 a year before tax in 2010/11.’  Let’s assume that figure now in 2014/15 is $450,000.

The top one per cent in 2010/11 was anyone on more than $211,000. So maybe now that figure is say $250,000 and the average is now about $450,000. Whatever. 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. This is a handy amount for public health, education, transport, pensions, the disabled and to address climate change.

Of course they’d try to duck it (think trusts, offshore accumulation etc) or receive it in different form, but we could address that. Some might leave Australia. So we charge them a huge exit fee approximating future earnings to do so, and an entry fee if they come back here. Me thinks the price of houses in Toorak and the Eastern Suburbs of Sydney might fall as we confiscate their houses to pay for their tax bills.

Now some companies might just reduce their pay to their ‘managers’ from the average $450,000 to $250,00. Fair enough. Potentially that leaves $36 billion for their workforces to win in pay.

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Comments

Comment from Mike
Time April 17, 2015 at 3:49 pm

Why don’t we just kill them and take their money. Would be a lot more efficient.

Comment from John
Time April 17, 2015 at 4:12 pm

Madame Defarge and tumbrils come to mind as capitalism forced the ancient regime out through the guillotine. But I think a better solution is to make their life a living hell and expropriate their income.

Pingback from En Passant » Stop the cuts: tax the rich – one socialist’s view
Time April 20, 2015 at 8:18 pm

[…] welcome comments from readers about making these figures more rigorous. My later article on tax the 1% at 100% does a better job at calculating the figures and they may be about $36 billion before tax […]