Tag: wealth and income gaps

ALP Government,

To Solve Australia’s Cost-of-Living Crisis, Labor Should Tax Superprofits

The very fact the ALP beleves in Democracy, Bi partisan Government, and Government for everyone guarantees there won’t be any clawback from the rich on behalf of the poor. It’s a formula for the ever increasing wealth and income gaps to continue.

Inflation is eroding paychecks and rising interest rates are hurting people with mortgages. Anthony Albanese’s government could defend workers’ living standards by taxing the rich and controlling prices, but Labor’s neoliberal orthodoxy stands in the way.

To Solve Australia’s Cost-of-Living Crisis, Labor Should Tax Superprofits
Informed Comment

No matter how much you give the rich, they will always want more – » The Australian Independent Media Network

It seems astonishing that, in a country where one in eight adults and more than one in six children are living in poverty, and many of those are living in “deep poverty”, the Coalition’s election focus is on tax concessions and tax cuts for the wealthy – and they seem to be getting away with it.

In 2004-05, the top income tax rate kicked in at a taxable income of $70,000. Four years later, that had risen to $180,000. Meanwhile, the tax free threshold remained at $6000 from 2000-01 until Julia Gillard increased it to $18,200 to compensate for the introduction of carbon pricing in 2012-13.

When Tony Abbott got rid of the mining tax, he also repealed many payments to low income earners, including income support benefits to children of soldiers killed or seriously injured in service.

via No matter how much you give the rich, they will always want more – » The Australian Independent Media Network