Dave, one of the big mistakes Beazley made in his election campaign was his inference that people earning $60,000 were wealthy, that as a family income is near on 'subsistence level'. At least Latham is talking about bringing the top tax bracket up to 80k, I think they should do away with it. Here's my tax proposed scales;
INCOME TAX up to $10,000- 0% tax $10,001 to $24,000- 20% tax $24,001 and up- 30% tax.
SUPERANNUATION TAX Tax on super as it goes in- 0% Tax on earnings of fund- 0% except for overseas investment where tax of 10% applies Tax as super comes out- 10% is 'assessable' as income if it is taken as a lump sum, if taken as a 'pension' no tax is payable up to a maximum drawdown.
To pay for this we will be getting rid of the 'state' level of government.
