What irked me the most was the absolute garbage commentary about those franking credits - all the statements about “people who pay no tax” etc etc, making them sound like some hand out from other tax payers. They failed to grasp (or conveniently failed to explain) that those franking credits are effectively tax paid in advance that is being adjusted at tax time based on personal tax liability. If someone is not due to pay any tax, then they get that “pre-paid” tax back. Simples.
So damn simple but the misinformation campaign was everywhere. Disgusting.
Anyway, I like the $5 levy idea. Heck, even $1 might generate hundreds of millions each year and also stop the parasitic pip trading of single-digit units we see every day.
They sure are playing within the rules, but the rules are broken imo too!
GXY Price at posting:
95.5¢ Sentiment: Buy Disclosure: Held
