RE: Personal Tax & Aussie Personal & House Mortgage debt :
We are the 2nd highest household & House Mortgage debt in the world
which has been increasing significantly since Covid
We have have a combined total of $5.4 trillion or about $540K per household.
With this level of personal debt, no Government whether Lib or Labor could lift the PAYE
tax rates, IMO, but instead will have to look elsewhere for tax revenue to
continue services delivery, pay Soverign Debt interest & later pay down the principal.
IMO rather than gouge the working people with crippling tax (individuals only pay GST) we should look at other sources of taxing
non PAYE earnings/wealth.
Perhaps:
-stiffening up Multinationals taxing (dissallow transfer pricing, debt loading & tax haven cash-boxing)
-death duties (Japan has 55% & the UK & the USA has 40%)
-downstream process our minerals & raw ag exports.(this IMO, is the most effective way to grow our GDP & diversify trade away from China)
-limit exec excess salaries to a multiple of the minimum wage (say 200 times or $8 mil/yr (at present most of our big business CEOs are foreigners)
-discontinuing CGT 50% discount with a grandfather clause starting now.
-scotch franking credits for non taxpayers (only tax offsets)
IMO if we continue accruing debt at the predicted rate, the IMF, World Bank & Wall St will compel
us to pay down the debt thereby robbing us of what remains of our Sovereignty (EG: Like what happened to Greece, Portugal ,
Spain, Republic of Ireland, Cyprus etc. post the GFC)
https://en.wikipedia.org/wiki/European_troika
https://factcheck.aap.com.au/claims/is-australias-household-debt-the-second-highest-in-the-world
