Gnads wrote on Aug 22
nd, 2022 at 3:16pm:
thegreatdivide wrote on Aug 22
nd, 2022 at 12:50am:
freediver wrote on Aug 21
st, 2022 at 7:35pm:
thegreatdivide wrote on Aug 21
st, 2022 at 5:34pm:
freediver wrote on Aug 21
st, 2022 at 3:59pm:
Quote:High enough to fund common prosperity.
Do your words have any genuine meaning at all? Or do you just sprout banal CCP propaganda?
The term "common prosperity" offends you?
OK, I'll replace it with the term "general welfare", a term used in the preamble to the US constitution......
So now my post reads:
High enough to fund the general welfare.
But as Gareth Hutchens has observed: the neoliberal toad Philip Lowe should be exposed for pitting taxpayers against taxpayers ...with the most powerful group invariably winning....
...because Lowe can fund public policies himself (up to a limit defined by the nation's productive capacity, of course).
https://www.abc.net.au/news/2022-07-24/rba-review-will-it-consider-how-money-is-...
It's the last taboo in central banking. So will the RBA review look at how money is created? I meant, how high would you want taxes to go? The government currently takes about 28% of GDP.
Well....Scandinavia taxes at c.45%of GDP - and is a happier society than Oz.......since taxes there are
high enough to fund the general welfare. So there's your answer.
Scandinavia is a region not a country.
4 countries
Norway 38.6% of GDP
Personal Income Tax Rate stands at 38.20%
Average working hours per week = 33.7 hrs.
Unemployment 4.99%
Sweden 42.6% of GDP
Personal Income Tax Rate stands at 52.90%
Average working hours per week = 30.1 hrs.
Unemployment 8.66%
Denmark 46.5% of GDP
Personal Income Tax Rate stands at 55.90%
Average working hours per week 33.72 hrs.
Unemployment 4.8%
Finland 41.9% of GDP
Personal Income Tax Rate stands at 56.95%
Average Working hours per week = 35.3 hrs.
Unemployment 7.53%
For an average of 42.4% taxation of GDP over those 4 countries.
Australia 28.7% of GDP
There are 4 personal income tax brackets - the top marginal rate being 45%.
Average working week is 35 hrs.
Unemployment is listed at 3.5%
That is one figure I don't believe - I believe its 3 times higher.
Especially in light of what hours constitutes a full time employment.
The country has massive underemployment, too much casual & part time .... that doesn't pay the bills.
The lower taxation on GDP only goes to show that successive Labor & Liberal govts have let greedy big business/corporate Australia, especially when it comes to the resource sector, off the hook in regards to taxation for far too long.
Then general welfare funding wouldn't be a problem.
Thanks for these stats.
The relatively high unemployment in Sweden is notable; while Denmark has even higher taxation but lower unemployment.
Meanwhile:
"Sweden’s top personal tax rate of 57.2 percent applies to all income over 1.5 times the average national income".
" In comparison, the United States levies its top personal income tax rate of 43.7 percent (federal and state combined) at
9.2 times the average U.S. income (at around $500,000).
Thus, a comparatively smaller share of taxpayers faces the top rate."
Hence the very high income and wealth inequality in the US.
Obviously Sweden's economy doesn't create enough jobs, but fortunately the dole is generous in Sweden.
..another indication the private sector neoliberal market economy doesn't create enough jobs....including in Oz, as you say.
In Oz, top marginal rate a applies to incomes c.3 times the average income.