No comment? Yep, didn't think this proposal would get much support from this forum with a wealthier than average member base? Let the rort continue then?
See ya's.
I'd support it, but I'd go further.
Perp's (partial) prescription for getting the books in order.
* Abolition of 50% CGT discount for individuals and trusts.
Why is CGT taxed at half the rate of income? Surely people who make money through business, and earn profit, are contributing at least as much to the economy as people who only invest capital?
* Force the governments to fund public service super and other future debts in the same way that private organisations have to fund these things as they go.
* Remove GST exemptions.
Simpler, and brings in money. GST on everything.
* Raise the GST.
12.5 or 15% seems reasonable.
* Simplify, simplify, simplify - much simpler assets and income tests that count the same things and apply across departments. Every person has one definition of their income for the year, and one definition of their assets. That definition is used for tax, social security, disaster relief, etc. etc. (Their can be different thresholds for each, but much, much simpler than is presently the case.) Accept that some will be losers, some will be winners, but overall, we'll all win from reduced bureaucracy and confusion.
* Return social security to a safety net. Get rid of family tax benefits and other middle-class welfare. Focus on actually being a safety net for those who need it, and let those who really need it have some dignity.
* Combining the above two: no social security for elderly people living in expensive homes. I have no problem with elderly people having to sell their home (and other assets) to fund their retirement. If somebody during their working life bought a (today) $500K house and buys $1.5M in shares, why should they miss out on an aged pension, when somebody who instead bought a $2M house but has no other assets is considered to "need" an aged pension?
* Crack down on corporate tax dodging per other's postings.
I probably have more brilliant ideas, but they'll do for a start.