Phon swings to liberals on tax-top end counting $$

Originally posted by eagle888 ↑

Well there you have it. The tax cuts which by LOL 2024 will give biggest dollar value cuts to the top end of town have been passed compliments of PHON and some of the other cross bench. $140billion with the date of final implementation at least two elections away. I wonder what deals have been done to secure such passage!

I wonder if like when the Australian Democrats sided with the govt over the GST the cross benchers that voted with the govt will be outed at the next election tagged as mere pawns of the liberals.

It will be interesting if PHON does the same with the Corporate tax cuts when that comes up!

Those earners at the top end should be cautious about pre-counting the potential $7000 they can get
because by 2024 when fully implemented the govt will likely change and a new tax policy introduced that takes account prevailing economic conditions as well as a tax structure that is not skewed to the top end.

In the meantime the mass of ordinary Australians who will get cuts in the order of a piddly two cups of coffee a week will have to be happy with that, BUT never mind maybe one day aspiration will see a few of them at the top end by 2024 where they will get a $7000 cut thank you very much. Lots of cups of coffee with seven grand!

I find it amazing that the Senate has passed a measure that legislates out measures that wont come into force until two elections away. IMO its ethically wrong. They are legislating measures that could turn out to be poison pills for periods where they may well not be in govt. Sets a precedent now and the coalition will have to shut up if Labor does the same in the future. They now can legislate measures that lol don’t come into force until donkeys years into the future.

Just listening to Pauline Hanson rambling on about her decision to vote for the tax package. She seems to be saying that no way will she vote for the corporate tax cuts but given whats happened with income tax who knows what will ultimately happen. Clearly imo she has latched on to the Turnbull govt and is anti-Labor. A lot of working class people that voted for Hanson will imo be having second thoughts.

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Subject: Young hoist red flag but know nothing of Mao and less of Lenin - How universities are betraying Australia

Here is half of The Australian today. We have to worry about what our universities are up to.

Outrageous political lie

To advance its absurd new class war, Mr Shorten and Labor have resorted to the outrageous political lie that a doctor on $200,000, earning five times the amount as a cleaner on $40,000, will get 16 times the tax cut. How unfair! In fact, the doctor who earns five times as much as the cleaner actually pays 13 times more tax than the cleaner. Labor resorts to fake news by repeating and repeating that they would pay the same tax rate under the Turnbull government's tax scales to apply from 2024. Those scales would include a flat 32.5 per cent tax rate to apply every extra dollar earned between $40,000 and $200,000. But the $18,200 tax-free threshold means that the doctor would end up paying 30 per cent of total income in tax, while the cleaner would pay 11 per cent of total income in tax.
In Parliament yesterday, Labor kept hammering example after example of workers earning around $45,000 who would get a tax cut of $10 per week, while a millionaire would get $7000 a year extra from an "arrogant and out of touch" government led by Mr Turnbull. In the world of modern Labor it isn't good enough that poor people do better, but the wealthy should be taxed more and more through bracket creep in order to bend the world to fit its Green-left undergraduate-level preconceptions about equality and social cohesion.
The outrageous lie here is that the Labor-Green Disallowed of greater redistribution would end up hurting the less advantaged. Lower marginal tax rates, coupled with a removal of Australia's penalty tax on company profits, would drive incentive, business investment, productivity, the tax base, jobs and wages.

But Labor doesn't believe in aspiration and doesn't want Australians to keep more of their money. Instead, a Shorten Labor government would simply slow the whole place down, leaving less money for Labor monuments, lower incomes, and hurting the poorest that it claims to represent the most. Fairness will turn out to be least fair on those Labor claims need it the most.
https://www.copyright link/opinion/editorials/labors-lack-of-aspiration-hurts-the-poorest-20180620-h11m0j