What should be of more interest is our mountain of debt which is...

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    What should be of more interest is our mountain of debt which is increasing at a rate go knots.

    https://australiandebtclock.com.au

    By 2023 Aus will likely have $1.5 Trillion of debt and, over say a 20 year period ,
    that's at least $75 billion a year in extra taxes and/or a reduction of expenditure
    to pay down the debt.

    We have already sold the silverware !

    The question is who/what will pay?

    Perhaps:

    -increase corporation tax? (+ $3 bln)
    -increase personal tax? (+$3 bln)
    -increase the GST?...........(+ $6 bln)....(This is paid by consumers; not corporations)
    -increase the fuel excise?.(+ $1 bln)
    -introduce death tax (say 40%)? (+$5 bln)
    -scrap negative gearing?...........(+ $1 bln)
    -scrap multinationals tax avoidance & impose a flat tax on their revenue? (+ $5 bln)
    reintroduce the MMT.?( + $2 bln)

    Total:,+$26 bln p/a

    Expenditure cuts:
    -cut military spend & DVA benefits (no participating in overseas wars for the foreseen future)
    -cut the $1.5 billion overseas grants
    -cut out complex welfare payments & their admin and establish a UBI per adult
    etc

    (-$15 bln)

    Net +$41 bln

    The rest would have to be achieved by GDP growth , IMO. over time.

    What do others think?
    Last edited by moorookamick: 01/03/21
 
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