Abolish ALL taxes and deductions, and institute a flat tax on EVERY transaction, deposit or withdrawal, electronically.
The cash economy would be there anyway is it is now so nothing changes, at least the tax would be applied when the cash is drawn out or the wages were paid.
It might be a flat 10%, 5% or whatever is required.
All money flows to Govt coffers every night at midnight.
No income tax returns every required again. If you want to buy an investment property or shares that's your decision, don't expect the government to assist you with negative gearing. On the other hand all capital gains tax would also be abolished.
If you work hard and save, and invest, you accumulate your money, to do with as you wish.
Eventually you will spend it on something and the tax will be paid.
If there was any imbalance pensions and dole etc could be adjusted to suit.
So simple, and so fair, but still not a good idea for some people. Go figure..........
