Our tax system needs major reforms to ensure the load is more evenly shared. There have been some major inquiries into doing this which have come up with some promising ideas. But neither of the major parties wants to rock the boat and risk upsetting their very wealthy big backers who currently benefit from our unfair system.
A start would be to simplify taxation. Remove all the deductions that are currently allowed which have no benefit to the community and simply provide a tax minimisation rort almost exclusively used by the wealthy. Negative gearing would be first to go, followed by capital gains tax concessions, salary sacrifice to purchase imported cars, reduce excessive superannuation tax concessions, that pretty much covers all the big ones.
Then introduce a flat rate of income tax on income over about $20,000 indexed, of say 25% individuals and companies, and extend the GST to cover everything, no exceptions, but leave it at 10%. Then get rid of most state taxes as their GST revenue rises.
Super access at 60 and old age pension at 65. Get the unemployed youth into jobs and paying tax instead of trying to make senior citizens keep working till they drop.
