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Philby said:Should this occur in the lucky country?
Despite 14 years of unbroken economic growth, nearly one in 10 Australians lives below the poverty line, which is set at half the average disposable income.
My accountant didn't allow those as deductible- it was a grey ara. ATO's reasoning was that there was a lot of material which was not directly relevant to the way we invested (even including the PI mag with an article on me).Nobleone said:we have no subscriptions except for API & KPI magazines (tax deductable)
I eat a lot of takeaway- does that make me rich?Nobleone said:we would eat fast food/takeaway maybe 5 times a year...
alexlee said:Bottom line, in my opinion, it makes neg gearing less attractive. But that might be good for property investors because it weeds out the people who are in it just to 'save tax' (dubious anyway) and leaves more deals to the real investors.
Alex
Aceyducey said:...
PS: I choose to have no Pay-TV, a black & white mobile phone with no camera and prefer to buy no frills soft drinks if I buy them at all. Does that mean I choose to live an impoverished lifestyle?
Aceyducey said:I choose to have no Pay-TV, a black & white mobile phone with no camera and prefer to buy no frills soft drinks if I buy them at all.
Philby said:Tax cuts for the rich while the guy and gal on struggle street fall further behind with cuts to services the rich can easily afford. With the rich already minimising their tax with creative (and expensive) accountants. The poor pay the same price at a petrol pump but the rich man has a leased vehicle etc
Am I missing something
marc1 said:.................................................
So int this case of tax cuts and "budget for the rich" what I say is simple, whoever wants to have great tax cuts, all he needs to do is earn more money!
After all the amount we earn is our own choice and no one else's, the rational person thinks and then acts. some think rich and become rich, some think poor and become poor.
nic said:the more you spend the more you save'.
Nic
marc1 said:So int this case of tax cuts and "budget for the rich" what I say is simple, whoever wants to have great tax cuts, all he needs to do is earn more money!
After all the amount we earn is our own choice and no one else's, the rational person thinks and then acts. some think rich and become rich, some think poor and become poor.
Aceyducey said:Marc,
It's been said that if all the money in the world was distributed equally to every person, within a few years the rich would again be rich, the poor would again be poor, and everyone else would be happy working for the rich for their crust.
I don't think that changing a tax rate provides the motivation for people to become rich. Nor does it inhibit those who really strive to do so.
High tax rates as a reason to not get ahead is an excuse used by those who don't choose to put in the effort required to achieve their dreams.
Everybody can achieve wealth. Few ever want it enough to cut through their own justifications and strive for it.
Cheers,
Aceyducey