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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)

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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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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, Turnbull and the Cayman Islands again

 

Nicholas Stuart says in relation to Malcolm Turnbull’s Cayman Island investments that the PM certainly appears to comply with the tax rules. (‘Let’s hear what Labor has in mind with tax evasion’ The Canberra Times Opinion Page 5 October 20.) Without Turnbull releasing his tax details how would Nicholas know?

Stuart also confuses tax evasion – a crime – and tax avoidance – legal minimisation if it escapes the grasp of for example Part IVA and its tests for egregious tax avoidance.

Stuart argues that the Cayman Islands has opted for transparency. This is not so. Its tax information exchange agreement with Australia does not promote transparency. It promotes the impression of transparency without actually delivering any. This is because the agreement requires Australian to essentially know the information it is seeking before it can do so.

Finally, Stuart raises the furphy about superannuation funds investing there. Our superannuation tax regime is itself a legislated tax haven in Australia. It is built on the compulsory extraction of workers’ future wages and while ostensibly paid for by the employer is in effect paid for by workers through lower wage increases than would have been the case without the compulsory superannuation guarantee. So it is in my interests to see my forgone wages increase at the highest rate possible in the future, subject to acceptable and understood risk levels, and assuming that the rate of increase does not erode my pension entitlements at a higher rate.

Mr Turnbull’s investments on the other hand are not raised through any compulsory extraction from him but from his wealth, wealth built on the exploitation of working people. Why is it that Mr Turnbull feels he can use the wealth expropriated from us to invest offshore rather than in Australia?

 

 

In case Nicholas might see me as too negative, I do agree with his final point that he’d like ‘to hear more about how the opposition would change our tax regime.’ He may not be surprised either that I have a few left field suggestions.

An annual net wealth tax on the top 10 percent of the wealth holders, abolition of the superannuation tax haven, removal of the capital gains tax concession, taxing trusts like companies, imposing a super profits tax on all industries (such as banks, not just mining companies,) making the current income tax system more progressive, with for example a 100% rate on all income greater than $250,000, are just a few suggestions that come to my mind.

Of course, Labor as a party of neoliberalism won’t do anything radical. It will fiddle while the revenue Rome burns

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Pingback from Tax, Turnbull and the Cayman Islands again – WRITTEN BY JOHN PASSANT | winstonclose
Time October 21, 2015 at 12:39 pm

[…] Posted by John, October 20th, 2015 – under Cayman Islands, Malcolm Turnbull, Tax, Tax avoidance, Tax havens. Comments: none […]