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genericmicrobe

4,189 Posts.

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18/01/20

15:14

Post #: 42450862
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Originally posted by Dave R ↑

All the policies Labor took to the last election were fundamentally the right thing to do but flawed in the way they were going to introduce them.
Franking credit refunds should have had an upper limit of around $50k so 95% of people would not have been affected but it would have stopped the high payments to the wealthy 5%. It could not have been labelled a retirees tax then.
Negative gearing needed to be restricted to around two rental properties which would not have affected most ordinary investors.
Doing that would have mostly only impacted high income wealthy investors negatively gearing a string of rental properties enabling them to avoid all or nearly all of their income tax obligation.

In other words tax policy should be aimed at being fair to the majority of people, not like we have now where about 80% of the legal avoidance benefits goes to the top 10% of income earners.

Labor should also have had a firm policy of increasing the very inadequate Newstart Benefit and removing Morrison's tax cuts for the rich.
The tax cuts have not stimulated the economy as intended so are a failed policy. Increasing Newstart would immediately stimulate the economy because the money would be spent by the struggling recipients.

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That they could get simple things so wrong shows how out of touch and inept they were(are?)
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