Australian Politics Forum - The Unaffordable Tax Cuts

Sir lastnail

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Re: The Unaffordable Tax Cuts
Reply #15 - Nov 21^st, 2017 at 8:26pm

Bobby. wrote on Nov 21^st, 2017 at 8:20pm:

Sir lastnail wrote on Nov 21^st, 2017 at 8:17pm:

freediver wrote on Nov 21^st, 2017 at 8:15pm:

It is what the government is spending the money on that is unaffordable. They will have to spend less. It really is that simple.

the government is just as much addicted to credit cards as are the punters. Sad

yep - borrowing $100 million per day just to stop
our economy from collapsing.

and turning a blind eye whilst his mates running the four pillars of trash banking system fuels the property bubble with mountains of debt that can never be paid back Sad

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In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.

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Dnarever

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Re: The Unaffordable Tax Cuts
Reply #16 - Nov 21^st, 2017 at 8:28pm

crocodile wrote on Nov 21^st, 2017 at 9:32am:

Dnarever wrote on Nov 20^th, 2017 at 6:43pm:

This government are obscene, the money they have raped from education health superannuation pensions the unemployed and the disabled just so they can throw money at their wealthy business mates that don't even need it is disgusting.

Could you explain how a cut to the corporate tax rate benefits only wealthy people.

You are absolutely correct the big benefits go to pensioners who own corporations and the unemployed owners of companies ???

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crocodile

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Re: The Unaffordable Tax Cuts
Reply #17 - Nov 21^st, 2017 at 8:37pm

Dnarever wrote on Nov 21^st, 2017 at 8:28pm:

crocodile wrote on Nov 21^st, 2017 at 9:32am:

Dnarever wrote on Nov 20^th, 2017 at 6:43pm:

This government are obscene, the money they have raped from education health superannuation pensions the unemployed and the disabled just so they can throw money at their wealthy business mates that don't even need it is disgusting.

Could you explain how a cut to the corporate tax rate benefits only wealthy people.

You are absolutely correct the big benefits go to pensioners who own corporations and the unemployed owners of companies ???

So does the population consist of only wealthy people, pensioners and the unemployed ?

A cut to the corporate tax rate is also a cut to the imputed credit. The tax payed by the shareholder doesn't change one iota. So how does the proposed tax cut affect only wealthy people.

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Very funny Scotty, now beam down my clothes.

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crocodile

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Re: The Unaffordable Tax Cuts
Reply #18 - Nov 21^st, 2017 at 8:42pm

freediver wrote on Nov 21^st, 2017 at 8:15pm:

It is what the government is spending the money on that is unaffordable. They will have to spend less. It really is that simple.

That is axiomatic. However, the long term downward trend in total factor productivity is a far greater problem. No productivity = No wages growth. Taxing retained earnings is pretty dumb.

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Very funny Scotty, now beam down my clothes.

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Bobby.

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Re: The Unaffordable Tax Cuts
Reply #19 - Nov 21^st, 2017 at 8:43pm

Sir lastnail wrote on Nov 21^st, 2017 at 8:26pm:

Bobby. wrote on Nov 21^st, 2017 at 8:20pm:

Sir lastnail wrote on Nov 21^st, 2017 at 8:17pm:

freediver wrote on Nov 21^st, 2017 at 8:15pm:

It is what the government is spending the money on that is unaffordable. They will have to spend less. It really is that simple.

the government is just as much addicted to credit cards as are the punters. Sad

yep - borrowing $100 million per day just to stop
our economy from collapsing.

and turning a blind eye whilst his mates running the four pillars of trash banking system fuels the property bubble with mountains of debt that can never be paid back Sad

Hi Nail,
it's a typical banana republic.

Without borrowing money the Govt. would be unable to pay pensioners anything.
We'd have no social security.
This situation is very bad.

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crocodile

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Re: The Unaffordable Tax Cuts
Reply #20 - Nov 21^st, 2017 at 8:46pm

Bobby. wrote on Nov 21^st, 2017 at 8:20pm:

Sir lastnail wrote on Nov 21^st, 2017 at 8:17pm:

freediver wrote on Nov 21^st, 2017 at 8:15pm:

It is what the government is spending the money on that is unaffordable. They will have to spend less. It really is that simple.

the government is just as much addicted to credit cards as are the punters. Sad

yep - borrowing $100 million per day just to stop
our economy from collapsing.

Issuing bonds is not quite the same as taking out a loan. It's been explained to you many times. Too dumb to understand. Go away and buy a decent macro text book.

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Very funny Scotty, now beam down my clothes.

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Bam

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Re: The Unaffordable Tax Cuts
Reply #21 - Nov 21^st, 2017 at 8:49pm

crocodile wrote on Nov 21^st, 2017 at 9:25am:

whiteknight wrote on Nov 20^th, 2017 at 5:13pm:

Opposition Leader Bill Shorten says his party won't budge on the government's proposal to reduce the corporate tax rate to 25 per cent over the next decade.

"We are not going to give multinationals a reduction in their tax. We don't think that's the way to go," Mr Shorten told the Nine Network on Monday.

Shorten is just being cute. It was once ALP policy. The about face came about as soon as the coalition adopted it. To anybody that actually understands the macroeconomic effects of corporate taxes would understand that his intransigence is more hurtful to the wage earner than it is to the owners of the capital.

Retained earnings are the basis of productivity growth. Just so happens that productivity is at historical lows with the capital side in negative territory. The Shorten solution is to keep taxing productivity. Pan it if you want but stop bleating because wages growth is non-existent.

The reform is actually rather important.

How is this to be funded?

We've got a massive and unsustainable Budget deficit. Explaining how these cuts are going to be funded is extremely important. The supporters of this measure seem to fall mysteriously silent whenever the source of funds for the tax cuts is queried.

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You are not entitled to your opinion. You are only entitled to hold opinions that you can defend through sound, reasoned argument.

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Bobby.

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Re: The Unaffordable Tax Cuts
Reply #22 - Nov 21^st, 2017 at 8:49pm

crocodile wrote on Nov 21^st, 2017 at 8:46pm:

Bobby. wrote on Nov 21^st, 2017 at 8:20pm:

Sir lastnail wrote on Nov 21^st, 2017 at 8:17pm:

freediver wrote on Nov 21^st, 2017 at 8:15pm:

It is what the government is spending the money on that is unaffordable. They will have to spend less. It really is that simple.

the government is just as much addicted to credit cards as are the punters. Sad

yep - borrowing $100 million per day just to stop
our economy from collapsing.

Issuing bonds is not quite the same as taking out a loan. It's been explained to you many times. Too dumb to understand. Go away and buy a decent macro text book.

Take a look:

http://www.australiandebtclock.com.au/

$595 billion

when Abbott said that $200 billion was an emergency!

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Sir lastnail

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Re: The Unaffordable Tax Cuts
Reply #23 - Nov 21^st, 2017 at 8:50pm

crocodile wrote on Nov 21^st, 2017 at 8:46pm:

Bobby. wrote on Nov 21^st, 2017 at 8:20pm:

Sir lastnail wrote on Nov 21^st, 2017 at 8:17pm:

freediver wrote on Nov 21^st, 2017 at 8:15pm:

It is what the government is spending the money on that is unaffordable. They will have to spend less. It really is that simple.

the government is just as much addicted to credit cards as are the punters. Sad

yep - borrowing $100 million per day just to stop
our economy from collapsing.

Issuing bonds is not quite the same as taking out a loan. It's been explained to you many times. Too dumb to understand. Go away and buy a decent macro text book.

you keep banging on like there is no consequences to this when the burden is automatically transferred to the tax payers in terms of higher taxes Sad

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In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.

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Bam

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Re: The Unaffordable Tax Cuts
Reply #24 - Nov 21^st, 2017 at 9:04pm

crocodile wrote on Nov 21^st, 2017 at 8:42pm:

freediver wrote on Nov 21^st, 2017 at 8:15pm:

It is what the government is spending the money on that is unaffordable. They will have to spend less. It really is that simple.

That is axiomatic. However, the long term downward trend in total factor productivity is a far greater problem. No productivity = No wages growth. Taxing retained earnings is pretty dumb.

Consumption taxes are worse. These are regressive taxes designed to take a far greater percentage of the income of workers than the wealthy.

The worst of all are the private taxes such as toll roads. Whoever thought it was a good idea to pander to these rent seekers should be taken out the back and shot.

Both of these are drivers of wealth inequality.

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You are not entitled to your opinion. You are only entitled to hold opinions that you can defend through sound, reasoned argument.

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crocodile

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Re: The Unaffordable Tax Cuts
Reply #25 - Nov 21^st, 2017 at 9:21pm

Bobby. wrote on Nov 21^st, 2017 at 8:49pm:

crocodile wrote on Nov 21^st, 2017 at 8:46pm:

Bobby. wrote on Nov 21^st, 2017 at 8:20pm:

Sir lastnail wrote on Nov 21^st, 2017 at 8:17pm:

freediver wrote on Nov 21^st, 2017 at 8:15pm:

It is what the government is spending the money on that is unaffordable. They will have to spend less. It really is that simple.

the government is just as much addicted to credit cards as are the punters. Sad

yep - borrowing $100 million per day just to stop
our economy from collapsing.

Issuing bonds is not quite the same as taking out a loan. It's been explained to you many times. Too dumb to understand. Go away and buy a decent macro text book.

Take a look:

http://www.australiandebtclock.com.au/

$595 billion

when Abbott said that $200 billion was an emergency!

Keep wasting your time gawking at the debt clock if you want to. It's about as useful as the bottom half of a mermaid.

Any half decent bean counter will tell you that there are two sides to a balance sheet. Pointing to liabilities without consideration to inflows is not very useful. Even less useful when the target of bond issues is not divulged. Keep resisting the urge to pick up that macro book if you want. Your ignorance will remain profound.

Just for the record, your figure of $100 million per day is only 2.28% of the entire economy's GDP output for a year. It's not even half of the annual nominal growth of the economy you dipstick.

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Very funny Scotty, now beam down my clothes.

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crocodile

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Re: The Unaffordable Tax Cuts
Reply #26 - Nov 21^st, 2017 at 9:27pm

Bam wrote on Nov 21^st, 2017 at 8:49pm:

crocodile wrote on Nov 21^st, 2017 at 9:25am:

whiteknight wrote on Nov 20^th, 2017 at 5:13pm:

Opposition Leader Bill Shorten says his party won't budge on the government's proposal to reduce the corporate tax rate to 25 per cent over the next decade.

"We are not going to give multinationals a reduction in their tax. We don't think that's the way to go," Mr Shorten told the Nine Network on Monday.

Shorten is just being cute. It was once ALP policy. The about face came about as soon as the coalition adopted it. To anybody that actually understands the macroeconomic effects of corporate taxes would understand that his intransigence is more hurtful to the wage earner than it is to the owners of the capital.

Retained earnings are the basis of productivity growth. Just so happens that productivity is at historical lows with the capital side in negative territory. The Shorten solution is to keep taxing productivity. Pan it if you want but stop bleating because wages growth is non-existent.

The reform is actually rather important.

How is this to be funded?

We've got a massive and unsustainable Budget deficit. Explaining how these cuts are going to be funded is extremely important. The supporters of this measure seem to fall mysteriously silent whenever the source of funds for the tax cuts is queried.

It isn't as gloomy as you indicate. Remember that it is only the retained earnings that receive the tax break. The shareholder distributions remain unchanged tax wise as the franking credit is also reduced dollar for dollar.

There may be a temporary shortfall for some years but the downward trend in productivity cannot continue will lead to even larger balance of payments issues while profits dive, wages stagnate and corporations domicile their operations elsewhere.

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Very funny Scotty, now beam down my clothes.

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crocodile

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Re: The Unaffordable Tax Cuts
Reply #27 - Nov 21^st, 2017 at 9:29pm

Bam wrote on Nov 21^st, 2017 at 9:04pm:

crocodile wrote on Nov 21^st, 2017 at 8:42pm:

freediver wrote on Nov 21^st, 2017 at 8:15pm:

It is what the government is spending the money on that is unaffordable. They will have to spend less. It really is that simple.

That is axiomatic. However, the long term downward trend in total factor productivity is a far greater problem. No productivity = No wages growth. Taxing retained earnings is pretty dumb.

Consumption taxes are worse. These are regressive taxes designed to take a far greater percentage of the income of workers than the wealthy.

The worst of all are the private taxes such as toll roads. Whoever thought it was a good idea to pander to these rent seekers should be taken out the back and shot.

Both of these are drivers of wealth inequality.

All of that too. Unfortunately they have little impact on productivity growth. Given the imputed credit system, how exactly does a cut to the corporate tax rate benefit only rich dudes.

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Very funny Scotty, now beam down my clothes.

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Grappler Truth Teller Feller Gold Member Offline Australian Politics Posts: 80333 Proud pre-1850's NO Voter Gender:	Re: The Unaffordable Tax Cuts Reply #28 - Nov 21^st, 2017 at 9:38pm
Back to top	“Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence.” ― John Adams IP Logged

crocodile

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Re: The Unaffordable Tax Cuts
Reply #29 - Nov 21^st, 2017 at 9:39pm

Sir lastnail wrote on Nov 21^st, 2017 at 8:50pm:

crocodile wrote on Nov 21^st, 2017 at 8:46pm:

Bobby. wrote on Nov 21^st, 2017 at 8:20pm:

Sir lastnail wrote on Nov 21^st, 2017 at 8:17pm:

freediver wrote on Nov 21^st, 2017 at 8:15pm:

It is what the government is spending the money on that is unaffordable. They will have to spend less. It really is that simple.

the government is just as much addicted to credit cards as are the punters. Sad

yep - borrowing $100 million per day just to stop
our economy from collapsing.

Issuing bonds is not quite the same as taking out a loan. It's been explained to you many times. Too dumb to understand. Go away and buy a decent macro text book.

you keep banging on like there is no consequences to this when the burden is automatically transferred to the tax payers in terms of higher taxes Sad

Nails, you're as bad as Bobby. Every year, on average, the national economy in nominal terms grows by around 5%. Naturally, the money supply must grow at the same rate. As long as the growth in net debt does not exceed the growth of the money supply less the servicing cost it doesn't matter a fukk.

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Very funny Scotty, now beam down my clothes.

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