It is also leading people to ask a lot of questions. This is good, but it is important to focus on the right questions.
A better question might be: “Are people at the top of the income distribution paying their fair share of tax?” ; others argue they are much higher because even low tax rates accumulate to very large tax rates when assets are held over long periods.It is obvious that superannuation is highly desirable in tax terms. That is why people put so much money into it.
The second question is: “At what rate should we be taxing superannuation and savings more generally?”. Here’s why. Every time we change one element in the tax system, we create additional complexity. Additional complexity means additional tax planning opportunities. Other things that I can’t even imagine will happen. Small business structures with their 25 per cent tax rate might present new possibilities.
Only the right wing media in a tiz
No it’s not sending everyone into a tizz. Just the opposition and vested interests. If making this modest change sends the AFR into a tizz, imagine what taxing all savings would do?
How about Jail for Robodebt crimes?
A $33 million debt worth of drones for Australian tax payers to pay off sent to Ukraine to burn, and not a bat of an eyelid from the dumbed down masses. Let's tax savers!
All very well today, but without indexation it will soon be to short
“People in a tizz” Seems super reform has stumped wordsmith AFR. A “tizz”, “election showdown” what else?
Who’s in a tizz ? 🤡🤪🙄
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