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Comment on The stats don’t lie. Australia’s tax system is designed to benefit the wealthiest and the rest of us pay for it

DavidDoesLemmy@aussie.zone ⁨1⁩ ⁨week⁩ ago

This article didn’t outline which parts of the tax system it thinks benefits the rich unfairly. We have a very progressive tax system. Top earners pay 47% tax on their top earnings, plus GST of everything they buy, plus land tax, rates, etc and extra taxes on luxury cars, fuel, etc. Plus there’s div 293, and 2-3% inflation each year. Well more that 50% of the marginal earnings are paid in tax.

I used to be in the top tax bracket, and now I’m in the bottom tax bracket. So I’ve seen both sides.

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SarahFromOz@lemmy.world ⁨1⁩ ⁨week⁩ ago
Discounted CGT and negative gearing come to mind…

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- DavidDoesLemmy@aussie.zone ⁨1⁩ ⁨week⁩ ago
  Negative gearing should definitely be limited. Maybe 1 property of X dollars per year.
  
  CGT discount is meant to account for inflation. They could change it to be dynamic based on inflation rate each year, but it’s always a balance between simplicity and perfection. People complain when the tax system is too complex and they can’t do their own taxes.
  
  Note that all costs are deducted before CGT discount is applied, which makes it fairer.
  
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