LET’S take a look at where the betrayal comes from. Sadly this report overlooks where it comes from, and why would that be?
‘A generational betrayal confronts the next government – and that’s why we need to raise the GST’
WHEN one reads this … ask are we being manipulated?
BECAUSE it would seem there is a push underway by the Liberals for raising the GST … will they increase it to 20% across the board? Cough … cough …
IF they are returned ….
Do you think it is likely that much of what we read now is about blaming the Boomer generation alone for record house prices … inferring that they all own investment properties? Or that houses prices were low when they bought into the market … with no mention of the ‘other players’ in the Generational Betrayal …
True many Liberal Party supporters own investment properties! Especially those in ‘small businesses’ …
Some have 3, 5, 10 or more … hundreds … thousands even …
Throughout the 1980s Boomers were likely to be paying a mortgage rate about 13% or 14%. In the late 1980s the rates rose to 17.5%. It hurt!
But for the majority ‘their castle’ in Sydney was paid off over a lifetime. Until recently it had a median of $1.6M (now falling) and if sold they immediately lose thou$ands with costs of conveyancing, stamp duty, removalists, AND renting as they searched for another home. During that search prices escalated as much as $200,000 within three weeks. Then finding they had to relocate … a long way away or downsize!
RATHER than grandfathering Tax Benefits or even eliminating them … the Liberal Coalition are preparing us for a rise in the GST that taxes The Poor more than the Wealthy …
REMEMBER and compare this … from 1 July 2020 incorporated small and family businesses paid less tax due to legislated tax cuts passed by the ScOmO government …. And unincorporated businesses with an income tax offset increase from 8% to 13% … and many of these business owners enjoy the tax benefits from house investment portfolios too!
During the Pandemic this government extended its Instant Asset Write Off to $150,000 for another six months, and provided the Cash Flow Boost to small businesses up to $100,000 for employing people …
Apart from income support of JOBKEEPER, JobSeeker, and a wage subsidy for apprentices and trainees
AND big companies are able to avoid paying TAX for a range of reasons! Including where they are at in the economic cycle, and when they are not yet generating revenue. Equally when they begin to generate revenue they can carry forward their losses to avoid paying tax!
Some companies when they do pay Tax it’s as little as 10% …
YET when LABOR attempted to restore some balance by proposing to grandfather negatively geared established properties which meant investors could keep them, and invest in ‘new homes’ in future, which would have opened the housing market to First Home Buyers and owner occupiers … which was a Win/Win for both sides … yet Voters bought this scare campaign …
How would house prices tumble … as raised by investor alliances … when this would have increased demand from a whole Cohort of First Home Buyers and owner Occupiers? With more buyers?
Why would rents rise then?
RENTS are rising now, and there are fewer homes for sale for home buyers … because of the competition from the growth of Investors (increased demand), and their house portfolios …
AND the growth of ‘Short Term Stay’ Rentals that has decimated the stock for leasing longer term. Also negatively impacting the hotel/motel market!
SO rather than ensuring businesses small and large pay their fair share of Tax, and go closer to a balanced budget, the Liberals propose taxing the rest of us more by increasing the GST!
Making multinationals pay tax on turnover, and not profit would be a good start … blocking them from shifting their profits overseas!
Getting the mining/fossil fuel companies to pay proportionate Resources Tax makes sense!
WHY not get the Big End of Town and those who aspire to be like them to pay their fair share rather than the rest of us paying more tax to subsidise them?
IF the Constituency as a whole were to pay a fair share of Tax for free tertiary education, improved healthcare services (rather than the Liberals cuts), better aged care, dental care and more public housing (now known as social housing) … we could all enjoy these benefits like they do in Finland ...
5.5 MILLION People call Finland Home!
FINLAND among the best in the world … in 2017/18 awarded the safest country in the World; with the best governance, third least corruption with the best protection of property rights!
Australia’s Public Schools are run down, as Private Schools build more lavish gates, halls and swimming pools … our Key Workers – teachers and nurses et al are exhausted, and inflation is rising ????
AS those with franking credits (free money), negative gearing and Family Trusts benefit … it is time for a rational discussion!
THE BETRAYAL has been from the Liberal Coalition that has occupied the seat of power for too long and ensured its donors and supporters avoid paying their fair share of Tax!
READ more about this nonsense:
A generational betrayal confronts the next government – and that’s why we need to raise the GST
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COMMUNITY ACTION ALLIANCE FOR NSW (CAAN): HOUSING INEQUALITY WITH AUSSIES LOCKED OUT! 