Henry Tax Revue (4 Viewers)

[Riet]

because poor people tend to get shafted since they can't vote with their wallets.

 

[absorber]

Here's how to massively simplify the tax system, and to remove most of the perverse incentives it creates:

*20% flat tax on all income and profits, for corporations and individuals alike.

*Raise tax free threshold to 40 000 per year.

*Replace all welfare with Negative income tax. i.e. you get paid 20% of the difference between what you earn and the 40 000 tax free threshold. So if you're unemployed you get $8000 p.a. in benefits.
The result would be that every Australia is better off by 80% of the value of any income they earn. This would remove the disincentives to work where people on the dole are often only 40% better off by earning additional income because their payments are massively reduced once they reach an arbitrary level of income.

*Abolish all claimable deductions.

*Abolish all tax sets and levies.

*This would reduce the massive costs incurred by businesses and the government complying with and enforcing our excessively complex tax codes. It would also eliminate the massive, hugely expensive bureaucracy that is Centrelink.

Note: I believe all taxation is morally wrong. However, something like this would be a reasonable step along the slow path of winding back and eliminating government.

= no public transport
no free healthcare
no HECS
no decent roads
no...anything?

 

[zombie omie jay]

user pays u faggle

 

[absorber]

all of those things could be privately run more efficient and cheaper?

Who the hell is going to want to run a public library, and how will they make money out of it without disincentivising people to visit it?

 

[withoutaface]

Who the hell is going to want to run a public library, and how will they make money out of it without disincentivising people to visit it?

Video Ezy - Love Movies

 

[scuba_steve2121]

Who the hell is going to want to run a public library, and how will they make money out of it without disincentivising people to visit it?

if people want a public library it will exist if they don't it won't it, it will not exist simple as that

 

[Teclis]

all of those things could be privately run more efficient and cheaper?

But funded how?

Morally wrong why?

Medicare makes medicine affordable for most normal people

Paying for the majority of your road use would be ridiculous

Paying for education would mean that only the rich could afford to send their children to schools with adequate resources...

University would go back to being an elitist group of people (although this may not neccessarily be a bad thing)

Public Libraries are good because they can keep books that aren't used often but are still good to have... books on History etc etc... and you don't pay excessive amounts to use them. To use the University Libraries if you're not a student there is quite expensive.

I'm pretty sure that everywhere there has ever been a privatised Military force... or worse a privatised police force, bad things have ensued.

Gaol's are not a good enterprise whatsoever... without tax what will pay for the $65,000 a year it costs to keep dangerous serial killers, rapists, paedophiles etc? A good will fundraiser?

 

[zombie omie jay]

so much dumb

 

[scuba_steve2121]

But funded how?

Morally wrong why?

Medicare makes medicine affordable for most normal people

Paying for the majority of your road use would be ridiculous

Paying for education would mean that only the rich could afford to send their children to schools with adequate resources...

University would go back to being an elitist group of people (although this may not neccessarily be a bad thing)

Public Libraries are good because they can keep books that aren't used often but are still good to have... books on History etc etc... and you don't pay excessive amounts to use them. To use the University Libraries if you're not a student there is quite expensive.

I'm pretty sure that everywhere there has ever been a privatised Military force... or worse a privatised police force, bad things have ensued.

Gaol's are not a good enterprise whatsoever... without tax what will pay for the $65,000 a year it costs to keep dangerous serial killers, rapists, paedophiles etc? A good will fundraiser?

if you seriously want to learn how they would be run read man economy and state - Murray rothbard or try and find a summary if you don't want to read it all

edit: for the love of everything good in this world stay FAR FAR AWAY from David D Friedman's 'machinery of freedom' that guy is a nut case

 

[Teclis]

if you seriously want to learn how they would be run read man economy and state - Murray rothbard or try and find a summary if you don't want to read it all

edit: for the love of everything good in this world stay FAR FAR AWAY from David D Friedman's 'machinery of freedom' that guy is a nut case

My younger brother is an Economics genius.... 99.45 ATAR last year with something like 3rd in the state for Economics (with a shit teach might I add)...

He said he'd read both of those... and that yes Friedman is a nutcase... but he also described Murray Rothbard's principles as economically unsound and slightly on the side of economic theory not practically... and by slightly he meant a lot... mainly in that he believes that Rothbard has no clue what it is to live like in a poorer situation...

And while I do actually believe you know something about what you're talking about man, my brother is a genius when it comes to this stuff (for his graduation present my parentals organised a meet with the Governer of the Reserve Bank and he held his own and from what I understand he convinced him of a new school viewpoint that he was skeptical about... so I'm going to go with his word on this

 

[Teclis]

But medicare drives up the overall costs of medicine

Uhhh... source?

Dad's a GP.... PRETTY sure that Medicare is indexed about 10% below the recommended amount from the RCGP.

 

[scuba_steve2121]

My younger brother is an Economics genius.... 99.45 ATAR last year with something like 3rd in the state for Economics (with a shit teach might I add)...

He said he'd read both of those... and that yes Friedman is a nutcase... but he also described Murray Rothbard's principles as economically unsound and slightly on the side of economic theory not practically... and by slightly he meant a lot... mainly in that he believes that Rothbard has no clue what it is to live like in a poorer situation...

And while I do actually believe you know something about what you're talking about man, my brother is a genius when it comes to this stuff (for his graduation present my parentals organised a meet with the Governer of the Reserve Bank and he held his own and from what I understand he convinced him of a new school viewpoint that he was skeptical about... so I'm going to go with his word on this

mate same situation for me except friend not brother. ask him what school of thought he aligns himself most with, i would guess Chicago school

 

[Teclis]

mate same situation for me except friend not brother. ask him what school of thought he aligns himself most with, i would guess Chicago school

I'll ask him tomorrow...

 

[withoutaface]

My younger brother is an Economics genius.... 99.45 ATAR last year with something like 3rd in the state for Economics (with a shit teach might I add)...

He said he'd read both of those... and that yes Friedman is a nutcase... but he also described Murray Rothbard's principles as economically unsound and slightly on the side of economic theory not practically... and by slightly he meant a lot... mainly in that he believes that Rothbard has no clue what it is to live like in a poorer situation...

And while I do actually believe you know something about what you're talking about man, my brother is a genius when it comes to this stuff (for his graduation present my parentals organised a meet with the Governer of the Reserve Bank and he held his own and from what I understand he convinced him of a new school viewpoint that he was skeptical about... so I'm going to go with his word on this

A 19 year old is not a valid authority to appeal to.

 

[Teclis]

A 19 year old is not a valid authority to appeal to.

Not an authority, I have done my own research... but this kid makes my brain hurt with how inordinately intelligent he is. When I say genius I mean actual genius. He basically overwhelmed me with case studies and examples of why his view works in practice above all others.

That view being a slightly non mainstream version of 'Neoclassical synthesis'.

 

[Cookie182]

First thing I'd be doing is cutting off tax exemptions for religious organisations.

Let's tax them first. At least the miners actually have a product they sell.

HILLSONG I'm looking at you!

 

[aussie-boy]

Company scraps mining work over tax plans - ABC News (Australian Broadcasting Corporation)

First casualty of new mining tax.

Lol wat BS... projects are determined to be unfeasible all the time - pretty sneaky tactics blaming it on the new tax

 

[withoutaface]

Lol wat BS... projects are determined to be unfeasible all the time - pretty sneaky tactics blaming it on the new tax

These projects were budgeted for then reevaluated once the new tax came through. Is it really surprising that such a large increase may just have tipped a marginal riskotential profit ratio over the precipice of unfeasibility?

 

[withoutaface]

Not an authority, I have done my own research... but this kid makes my brain hurt with how inordinately intelligent he is. When I say genius I mean actual genius. He basically overwhelmed me with case studies and examples of why his view works in practice above all others.

That view being a slightly non mainstream version of 'Neoclassical synthesis'.

Here's a pretty good case study against neo-Keynesian nonsense: Financial crisis of 2007–2010 - Wikipedia, the free encyclopedia

 

[aussie-boy]

These projects were budgeted for then reevaluated once the new tax came through. Is it really surprising that such a large increase may just have tipped a marginal riskotential profit ratio over the precipice of unfeasibility?

Rudd's definition of "super profits" is ROI in excess of long term bond rate (~5.5%) + ~5%

This means that the required returns on these "cancelled" projects, would have been 10.5%+... in fact likely much more if the 40% supertax would have had such a big impact on profits (they would have to be 13%+ for the Gov to even take 1%)

Now if a project is unfeasible at 13%+, the level of risk associated with that kind of return stipulates that the project would have likely failed anyway

Secondly, a lack of new projects will mean the resources will remain underground. Sure, no SR benefits, but eventually mining companies will have no other option but to come back and retrieve them in the LR - paying the supertax. We have enough projects at the moment (e.g. China coal contract) to sustain this mining boom for a while yet, and slightly slowing down the pace of exploration is not necessarily a bad thing.