This is an excellent idea as it removes the incentive for high income earners to minimise taxes through the use of corporate vehicles. Basically the existing tax act is a foot high pile of rubbish; high income earners know how to get around it and employ a legion of accountants and advisors to find tax effective investments and expense the rest through corporations. I would dearly love to spend only one day a year on tax stuff but due to the ATO's idiocy have to spend about 10% of my working life contemplating tax impacts of existing.
It has been conclusively proven that charging LESS tax to high earners raises MORE tax dollars only the whining socialists that prevent us all having better lives - everybody knows that it is the man in the street that takes the brunt of Costello's so called "equal" tax system. "Rich" people in Australia pay far less than 49% as a proportion of their gross earnings. Even George Bush (dickhead that he is) recognises this and is proposing a flat tax system. A 49% top rate helps nobody except the pollies in flogging "equality".
Bring on the 30/30 tax system, and make all lives easier on all fronts!
