Where to for Tony ?
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This very topic was the main theme at the G20 financial meeting, it is a problem that the best legal minds in the world are battling with.
On the one side you have the governments of the developed countries where the income is generated who desperately want tax paid (and rightly so).
On the other side are the best legal brains in the world planning ways to shift funds to countries where minimal or no tax is paid.
The list of companies rorting the loopholes is mind blowing, Apple and Google are the worst by far, Ikea and many other big names are all rorting the citizens of here, the USA, UK, Germany, Japan etc etc.
It has been tried before but the only way to stop profit shifting is a global approach on taxes, which will obviously take years to sort out or simply ban the company from trading in Australia.
Imagine how many jobs could be created, if they made it simple for employers.
If they didn't need to pay tax, so they could keep investing in their business.
They can offer the employee whatever they want for wages and benefits. After all the market really does decide this, when given the opportunity.
Employers can decide who they hire and fire.
Taxes are paid by employees.
If they didn't need to pay tax, so they could keep investing in their business.
They can offer the employee whatever they want for wages and benefits. After all the market really does decide this, when given the opportunity.
Employers can decide who they hire and fire.
Taxes are paid by employees.
Yeah they screw employers way too far in this country.
That's why we're losing all our manufacturing. l can't believe even l can see that yet the goons at the top can't.
Even Economists were saying last election , if the loosened things up and lowered taxes and costs , the country would turn the corner and manufacturing could grow again instead of disappear the way it is and will.
They also said it's been proven all over the world the way to get a country moving again and out of debt is to lighten all that stuff , back the hell of a bit . Lowers costs , taxes, laws and red tape .
lt builds new incentive , makes things easier and encourages business . That opens business up and allows it to grow , allows new ones to start , allows them to employ people and all that brings in the extra money the gov needs. And it does it much faster and in a much more sustainable. long term way and will bring Australia back into reality.
They say the way Australia is just getting dearer and dearer , far to many and more and more taxes and costs and laws , red tape , has never , gotten any country out of trouble anywhere in the world.
l have a small business , and l wouldn't even dream of hiring someone else even though l need them. lt's just too expensive and there's just too much red tape and ways to land yourself in court .
And to make hiring even one person worth my while , l would need to 3 fold my profit margin .So work twice as hard to make more money to get the employee on to help me - um theys is pretty bad math.
And l grew up in a self employed business household, seeing it day in and day out . All my brothers also have businesses.
You can't just keep putting everything up and up and up , finding more taxes to invent , rules and bs . Let costs of living and prices go ridiculous as they have been doing here for years and are worse than ever.
That will just kill a country as it has been doing for years in Australia.
Economists said all that , last election.
That's why we're losing all our manufacturing. l can't believe even l can see that yet the goons at the top can't.
Even Economists were saying last election , if the loosened things up and lowered taxes and costs , the country would turn the corner and manufacturing could grow again instead of disappear the way it is and will.
They also said it's been proven all over the world the way to get a country moving again and out of debt is to lighten all that stuff , back the hell of a bit . Lowers costs , taxes, laws and red tape .
lt builds new incentive , makes things easier and encourages business . That opens business up and allows it to grow , allows new ones to start , allows them to employ people and all that brings in the extra money the gov needs. And it does it much faster and in a much more sustainable. long term way and will bring Australia back into reality.
They say the way Australia is just getting dearer and dearer , far to many and more and more taxes and costs and laws , red tape , has never , gotten any country out of trouble anywhere in the world.
l have a small business , and l wouldn't even dream of hiring someone else even though l need them. lt's just too expensive and there's just too much red tape and ways to land yourself in court .
And to make hiring even one person worth my while , l would need to 3 fold my profit margin .So work twice as hard to make more money to get the employee on to help me - um theys is pretty bad math.
And l grew up in a self employed business household, seeing it day in and day out . All my brothers also have businesses.
You can't just keep putting everything up and up and up , finding more taxes to invent , rules and bs . Let costs of living and prices go ridiculous as they have been doing here for years and are worse than ever.
That will just kill a country as it has been doing for years in Australia.
Economists said all that , last election.
Huh? You seriously advocating no taxes on compantes? ? That's a terrible idea, the country would go broke
Nonsense. Manufacturing is heading overseas because we can't possibly compete with manufacturers overseas. Listening to economists (aka glorified fortune tellers) is a mugs game.
Don't think so.
Companies do their very best, finding all the loopholes they can to minimize tax.
More small businesses would grow.
They would hire. The employees would be be paying income tax, which really comes from the employer..in the form of higher wages.
Too much red tape, strangles a business.
All the people who whinge about how much corporate welfare there is.
It is perfectly fine with me, as long as they are hiring their own people.
In this case, Australians.
As random stated, he would love to hire, it just doesn't make fiscal sense.
And if the country would actually impose tariffs, these companies would stay.
Let's have a look at the cold hard facts.
Currently between company taxes and royalties the Australian govt collects $76bn a year, or 22% of its entire tax take. You're saying we should get rid of all of that.
There is no way that even if everyone currently considered unemployed ended up getting jobs that this would create additonal revenue for the government. Absolutely no way in hell and this would be a terrible policy.
In terms of the red tape you're right more needs to be done but your idea would take an existing problem that needs addressing and turn it into an absolute disaster
Currently between company taxes and royalties the Australian govt collects $76bn a year, or 22% of its entire tax take. You're saying we should get rid of all of that.
There is no way that even if everyone currently considered unemployed ended up getting jobs that this would create additonal revenue for the government. Absolutely no way in hell and this would be a terrible policy.
In terms of the red tape you're right more needs to be done but your idea would take an existing problem that needs addressing and turn it into an absolute disaster
There have long been tariffs on car imports intinto australia and the local manufactures still couldn't turn a profit.
What are you basing this theory on?
If australia manufactured a car for $20k, and the next comparable import was $30k,
which car do you think the majority of Australians will buy?
Not the few SS, where money is not an issue, but average citizen.
Same as for bananas. If they sell here for $2, and the import is $3...which is the shopper going to buy. If the product is of comparable value?
Now if the bananas get too pricey, people will stop buying. Market price comes down.
If this means the employer needs to reduce wages, or increase production,or reduce expenses, that is a decision that company makes.
Fair enough.
In Canada, I can buy bananas a lot cheaper than here.Usual price is $0.69 lb, and many times I can buy them for $0.34 cents a lb.
Since Canada cant grow bananas, there probably isn't a tariff.
Its to show when something is not produced in a country, tariffs are not required.
If washing machines are not produced in Australia, there would be no tariff.
However, if Aussie Clean (I made up that name) , which is an Australian company that went overseas to boost it's profit years ago, decided to come back and produce here....they could charge whatever the market would pay.
All imports would be imposed with tariffs.
If Aussie Clean was an inferior product, people will pay the higher price, for the import.
Aussie Clean then has an incentive to improve their product.
Successful Australian companies are progressively being bought up by overseas based multinationals.
They then ratify operations and manufacture in the least costly country, just employing distribution and support employees at a market level.
It's all about the bottom line with no consideration for being part of a community.
Consumers are thinking the same way.
Consumers are increasingly turning to online shopping rather than support local suppliers.
They are centrist these days and deserve more support. Progressive society are always more sought after and valuable.
Someone made a post about Norway's pension fund. They have taken a long term view for the good of the country. Companies drilling for oil in the North Sea pay about 78 per cent tax. Those taxes go into the pension fund, which in 2019 will hold about $1 trillion. Norwegians have a high standard of living. Health care is free. Unemployment is around 2.6 per cent.
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