The election thread - Two middle-late aged white men trying to be blokey and convincing..., same old shit, FFS.

[oldcorollas]

You talking about the Stage 3 tax cuts that Labor voted in to legislation? You mean the Stage 3 tax cuts that Albanese and Chalmers committed themselves to maintain over 100 times at the recent election?

Labor committed us (and themselves) to this Stage 3.

But don't let facts get in the way of your post.

Sorry, i forgot that the bill was passed by the Labor goverment headed by Scott Morrison in 2019

Treasury Laws Amendment (Tax Relief So Working Australians Keep More Of Their Money) Bill 2019

Bills Digest No. 1, 2019–20 PDF version [580KB] Phillip Hawkins Economics Section 3 July 2019 Contents Purpose of

www.aph.gov.au

 

[oldcorollas]

and a new update.. "oh noes, he's breaking a promise"


"Prime Minister Anthony Albanese said the new plan taken to the Labor caucus on Wednesday would increase the support offered to middle Australia.
Labor MPs leaving the caucus meeting told the ABC the changes had been agreed upon.

The expected new tax cuts would mean at least an extra $800 for most Australians while the benefit for the highest earner will be halved. "

"There are twice as many Australians in the top [$180,000] income tax bracket today than when the threshold was set for that bracket," Senator Birmingham said.
"If it's not changed, more and more Australians will be pushed up into that tax bracket over the years to come … you might be a little bit better off today, you likely will be worse off in the long run.""

so.. today, 7% of Australians are in the >$180K tax bracket? (that's why so many ebikes being sold )

 

[Oddjob]

If you are strictly PAYE and don't have your own company to give a bit of freedom and shield you then the Government will plug as many gaps as they can find. They don't want loophole and do like your tax contributions very much.

Yeah, no one in the top 10% is strictly PAYG. Shares, option packages, hedge funds, ETFs, testamentary trusts etc etc. This is before you consider the standard wheezes like the Channel Isles and companies in New Hampshire.

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[oldcorollas]

" The Liberal Party has responded with outrage at the prime minister breaking a pre-election promise not to touch the tax cuts, which were a signature reform of the then-Liberal government. "
"A furious Liberal Party has vowed to unpick any changes to the third tranche of tax cuts due to take effect in July this year. "

tbh i don't give a shit either way.. but surely there are more important things to be outraged about, than giving low and middle income peeps $800 back, instead of giving $9K to the highest...

 

[LPG]

" The Liberal Party has responded with outrage at the prime minister breaking a pre-election promise not to touch the tax cuts, which were a signature reform of the then-Liberal government. "
"A furious Liberal Party has vowed to unpick any changes to the third tranche of tax cuts due to take effect in July this year. "

tbh i don't give a shit either way.. but surely there are more important things to be outraged about, than giving low and middle income peeps $800 back, instead of giving $9K to the highest...

Agreed. I would love to see the government's response be " If that is the most important thing for Peter Dutton and the opposition to complain about we must be doing a good job ."

 

[The Dude]

 

[oldcorollas]

New details are out.
On the face of it... Looks better.
Sort of ends up effectively reinstating Stage 1 but for up to ~140k level, and half of Stage 3, so everyone gets some pie but high income still best off..

Dutton to argue giving high income peeps a $4.5k tax cut is "declaring class warfare on the rich"..

Most taxpayers to get $804, but high-end tax cut halved as government rewrites stage 3

The government will halve the stage 3 tax cuts for the highest earners and use the money to deliver an $804 tax cut across the board.

www.abc.net.au

 

[oldcorollas]

Approximate number of nice bike tyres per year: old vs new tax cuts

 

[Mr Crudley]

Yeah, no one in the top 10% is strictly PAYG. Shares, option packages, hedge funds, ETFs, testamentary trusts etc etc. This is before you consider the standard wheezes like the Channel Isles and companies in New Hampshire.

I'm sure Mr Kyle the radio guy isn't too worried about his mega salary which owuld be parked in the 'right' places.

 

[pink poodle]

You need that web of trusts and companies to circulate the wealth and protect the assets, otherwise you may have to give some of it up!

 

[scblack]

Sorry, i forgot that the bill was passed by the Labor goverment headed by Scott Morrison in 2019

Treasury Laws Amendment (Tax Relief So Working Australians Keep More Of Their Money) Bill 2019

Bills Digest No. 1, 2019–20 PDF version [580KB] Phillip Hawkins Economics Section 3 July 2019 Contents Purpose of

www.aph.gov.au

Maybe its hard to understand?

When Labor vote for it, Labor is also passing the legislation.

I guess they didn't really know or understand what they were voting into legislation back then....

 

[scblack]

Yeah, no one in the top 10% is strictly PAYG. Shares, option packages, hedge funds, ETFs, testamentary trusts etc etc. This is before you consider the standard wheezes like the Channel Isles and companies in New Hampshire.

Sent from my M2012K11AG using Tapatalk

All of those you list are perfectly easily available to ANYONE. Depending on who you work for I guess - back in my 20s (and a small salary) part of my remuneration package was shares, which accrued after remaining with the company for a qualifying time period.

 

[Haakon]

John Howard: “No, there’s no way that a GSTwill ever be part of our policy.” Journalist: “Never ever?” John Howard: “Never ever. It’s dead. It was killed by the voters in the last election”.

John Howard, interview, Tweed Heads Civic Centre, 2 May 1995

 

[Tubbsy]

Has anything significant happened economically since 2019 that might make amending these tax cuts better than slavishly keeping the promise?

I don't read the news, last four years have been pretty normal yeah?

 

[sane]

John Howard: “No, there’s no way that a GSTwill ever be part of our policy.” Journalist: “Never ever?” John Howard: “Never ever. It’s dead. It was killed by the voters in the last election”.

John Howard, interview, Tweed Heads Civic Centre, 2 May 1995

Awesome. Means I can trot this out again, right?

 

[Jabubu]

Maybe its hard to understand?

When Labor vote for it, Labor is also passing the legislation.

I guess they didn't really know or understand what they were voting into legislation back then....

And when did Labor vote for it?

 

[Asininedrivel]

And when did Labor vote for it?

Coalition's income tax cuts pass Senate in full as Labor backs down

Scott Morrison says package is a win for ‘hardworking Australians quietly going about their lives’

www.theguardian.com

 

[Oddjob]

All of those you list are perfectly easily available to ANYONE. Depending on who you work for I guess - back in my 20s (and a small salary) part of my remuneration package was shares, which accrued after remaining with the company for a qualifying time period.

If you find a reasonably priced private banker in Guernsey or a corporate lawyer in Delaware let me know.

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[Oddjob]

Has anything significant happened economically since 2019 that might make amending these tax cuts better than slavishly keeping the promise?

I don't read the news, last four years have been pretty normal yeah?

We've had the highest inflation and interest rates in 12 years and now we are about to shower everyone with money.

I'm not a Nobel prize winner but I'm pretty sure that the reserve bank will take what the government giveth. It would be better to delay the tax cuts for at least 12 months more.

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[Tubbsy]

We've had the highest inflation and interest rates in 12 years and now we are about to shower everyone with money.

Yes, true, I was thinking more of the relative merit of the two options.

But option three would be better. No point in tax cuts for mortgage holders if it all gets chewed up in interest rate rises.