30% Rise in millionaires paying $NO Tax, page-50

Given the less well off are the most likely to not be able to be pay more it would be unreasonable to extract more taxes from them. Also I don’t believe it necessary to increase taxes on anyone. What should NOT be happening is a tax reduction for companies that have been raking in the profits and in the case of the Banking and Finance industries ripping off customers in the process.

Most would accept that a country must live within its means and that can only be achieved by prudent government which collects sufficient taxes to achieve that end. The top end are the only ones that can afford to give up some of the welfare they receive such as the largesse from negative gearing. Its one thing for a battler to negative gear a rental property but the benefit will be minuscule to them because they will not have the income to benefit greatly.

However for the multi-rich they a can minimise tax massively by holding huge property portfolios. So the govt has options to raise more money without increasing tax rates for anyone by removing welfare for those that don’t need it and by not lowering corporate taxes until the budget can afford it.

cheers