Why do I have to pay up to 40% tax on my income from my labour without hardly any deductions, yet you can claim negative gearing costs etc on a house or shares, and then get a 50% discount on the capital gain if you hold it for more than 12 months???
It is this imbalance that leads people to speculate and over invest in housing and shares, and it only ramps up assets prices without any productivity gains.
If you work, you give up your time and provide your skills in return for money. This shouldn't be taxed as income, as you haven't gained anything, it is an exchange, your time for some money.
Net gain nothing!!!
Tax consumption. Tax capital gains. Tax company profits.
Leave individuals out of it, let us earn our income from labour tax free and let us spend it how we choose.
No hand outs, no negative gearing, and no tax deductions.
Flat consumption tax, straight line company tax and flat tax on capital gains.
taxation of income unfair
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