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How would you improve the Australian tax system?, page-22

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Tarvold

22,984 Posts.

1260

20/11/19

21:29

Post #: 41541422
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Originally posted by moondoong: ↑

Abolish ALL income tax and gst.
Abolish ALL stamp duty and payroll tax.
Abolish all franking credits because income tax eliminated.
Keep company tax and capital gains tax. That's a tax on profits.
Abolish all the welfare and childcare payments. Baby bonus gone. Immunisation bonus gone. Etc. Etc.
Welfare should be the same basic payment to an unemployed, pensioner etc. Cut all the duplication and complexity and waste in government.

Levy an e-debit tax on EVERY electronic transaction including deposits and withdrawal of cash.

In other words have a very low flat tax on the whole turnover of the entire economy. An individual purchase or payment would have negligible tax but because it would be on everything it would rake in the dough. And it would be instantly hitting the government bank account every night when the banks etc cleared and reset all the days' transactions.

Simple. Fair. Easy to understand. Almost impossible to avoid. Could be adjusted up or down in very small increments as government needed to balance the books.

We could be debt free and much better off under such a system. Even the multinationals would have to pay it because it would apply to everyone and everything.

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A tax per transaction is an interesting idea however the cash black economy would go through the roof.
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