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Big Donger
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longweekend58 wrote on Dec 23 rd, 2014 at 2:51pm: Big Donger wrote on Dec 23 rd, 2014 at 2:35pm: John Smith wrote on Dec 23 rd, 2014 at 2:26pm: Big Donger wrote on Dec 23 rd, 2014 at 2:22pm: Swagman wrote on Dec 23 rd, 2014 at 2:06pm: Big Donger wrote on Dec 23 rd, 2014 at 1:29pm: Swagman wrote on Dec 23 rd, 2014 at 1:13pm: Big Donger wrote on Dec 23 rd, 2014 at 10:33am: Hang on - the top 25% are those with incomes over $75,000?
How could that possibly be right? That's almost the average wage. Now yes, but the data is 11/12 FY. Tax share of the top 25% has steadilly increased from 60% in 1996 to 67% 11/12 Wages growth has been stable since 2011/12. The average annual wage in Australia (November, 2013) is $74, 724. Your figures are wrong. My figures are sourced, yours aren't..... True, but how can all incomes above the average wage only be 25% of income earners? This isn't statistically possible. thats irrelevant .... he has a source I'd like to see the brakedown. Is it household or employee income? All earnings, or just salaries? PAYE tax or total income? Does it include tax deductions? Is it actual revenue collected, or estimates? Whatever the case, $75,000 is not a high income. This income doesn't even attract the Medicare levy. As it stands, what Swagman's figures show is that 67% of income taxes are not collected from high income earners, but average income earners. And this comes from his source. you are starting to sound like George in that you are simply making stuff up. $75K most certainly attracts the medicare levy. The Medicare Levy surcharge kicks in at $88,000, Longy. High income earners generally pay company tax, not income tax. If employed professionals, they generally use ABNs, not tax file numbers. The super-wealthy make their money from businesses, not wages. I'm assuming Swagman's source refers to wages and PAYE (or income) tax. If you want to add company tax to the mix, feel free. Cite a source. Bear in mind, however, this will only ever be an estimate. CEOs and large shareholders are paid through a myriad of channels. Published CEO salaries are only ever estimates. Shareholders and the recipients of trust funds are able to minimize tax through a range of ways. The real rich are not paid incomes, but receive profits. Quote:ONe single look at tax scales should make it rather obvious So publish the tax scales.
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