Here's the tax take pie. IMO it would be impossible to increase the corporate tax take by 300% to offset personal income tax without wrecking the economy.
We missed out on "buying back the farm" and instead debunked Whitlam who suggested it. Saudi Arabia & Norway nationalised their oil and gas resources then and we like leemings took the plunge.
IMO the backdoor way to regain control of our resources is to downstream process at least 20% of annual production in State Owned Special Economic Zones designed to exploit our strengths and counter our weaknesses and diversify trade for the benefit of all Aussies.
We are tragically wedged at present as engineered by the USA: -100% dependant on the USA for National Security...The US has declared China as its #1 enemy
-30% + dependant on China who we have declared as our #1 enemy as per Uncle Sam.
That's idiocity on steroids, IMO, and we simply have to unwedge Aus ASAP before we realistically think about rejigging the Aus economy/political economy to benefit all, IMO.
(source aph.gov.au)
Individuals pay 61% (Individual income tax+ GST) while companies pay 19.3% IMO we should first nationalise our natural resources by referendum because the States, who owns them now, are not deriving optimum value to benefit all Aussies and multinationals who own the long term lease rights play one State against another re depressing royalties.
