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Income tax is about 39% of total tax receipts & GST 12%.You'd...

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Tarvold

20,322 Posts.

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13/05/24

13:05

Post #: 73796385
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Originally posted by quokka2: ↑

I can go for weeks on end with no cash in my wallet; only need it occasionally for buying S/H stuff, and not always for that either. There are a few disadvantages to a cashless society but IMHO the advantages outweigh them. How often do you get asked to pay a tradie cash? Every tax dollar that they can avoid has to be made up by someone on a wage or salary that can't (and probably can less afford it). What would happen to the drug business without cash?

After we get rid of cash we could get rid of income tax altogether and replace it with a universal tiered GST so that people only pay tax when they spend (lower rate on essentials and more on luxury goods). Fabulously fair, hard to evade (except by saving and living within your means), existing collection network already in place, and no need for thousands of shinybums.

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Income tax is about 39% of total tax receipts & GST 12%.
You'd have to increase the GST take by 3.25 times to stay tax neutral.
That would have a massive impact on inflation & interest rates.

Increase the GST to 15% & reduce income tax by an equivalent amount sure, but get rid of income tax altogether no chance,
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