And that's where labor looses the argument with franking credits saying we are the ONLY country that gifts imputations to shareholders.
Well we are one of the few countries that penalises people/ families for saving a few dollars when paying tax for 40 years by denying the pension.
I agree we would have one of the most regressive tax systems ever devised and manipulated. For all the talk about fairness why just not overhaul the TOTAL taxation system.
But pollies will never do that because of the huge financial advantages they get by leaving it as it is, and the rest of us pay for their affluence!
