Australian Politics Forum - Albo is Biden lite

lee

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Re: Albo is Biden lite - unrealised gain tax
Reply #30 - May 19^th, 2025 at 1:13pm

Frank wrote on May 18^th, 2025 at 11:48am:

The policy, which will come into effect from July 1, will double the tax on superannuation earnings for balances more than $3 million, from 15 to 30 per cent.

Which also applies to dependents. Wife has 1.5M husband has 2 .0M, both below the level. Spouse dies, surviving party hit.

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Gnads

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Re: Albo is Biden lite - unrealised gain tax
Reply #31 - May 19^th, 2025 at 1:18pm

ProudKangaroo wrote on Apr 29^th, 2025 at 11:48am:

Seems it would have veen wiser for the rich to pay their fair share without needing to put forward legislation such as this?

There's still no need for the introduction of what will be legislated theft.

Govts of both persuasions have allowed the non payment of taxes by corporates & the rich because those people & entities bankroll those parties.

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"When you are dead, you do not know you are dead. It's only painful and difficult for others. The same applies when you are stupid." ~ Ricky Gervais

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Gnads Gold Member Offline Australian Politics Posts: 32482 Gender:	Re: Albo is Biden lite - unrealised gain tax Reply #32 - May 19^th, 2025 at 1:20pm John Smith wrote on Apr 29^th, 2025 at 12:59pm: Frank wrote on Apr 29^th, 2025 at 11:58am: Tax on UNREALISED gains is stupid. Why? You borrow money on unrealised gains. Is that stupid too? Do you? I thought you borrowed money on asset value & current income.
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lee Gold Member Offline Australian Politics Posts: 19729 Gender:	Re: Albo is Biden lite - unrealised gain tax Reply #33 - May 19^th, 2025 at 1:22pm So far I have seen no exemptions for Industry Super Funds. That means workers with assets under 3.0M will be hit.
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Gnads

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Re: Albo is Biden lite - unrealised gain tax
Reply #34 - May 19^th, 2025 at 1:22pm

philperth2010 wrote on Apr 29^th, 2025 at 1:20pm:

Another rort the Coalition will not touch....Why should the rich pay any tax at all???

Quote:

New figures show capital gains now outstrip wages – and yet mostly they go to the rich and untaxed

The amount of capital gains each year is now greater than the amount of wages earned

The latest figures on Australian wealth reveal that inequality is being driven by capital gains that overwhelmingly go to the wealthiest and are mostly untaxed.

https://australiainstitute.org.au/post/new-figures-show-capital-gains-now-outstr...

Roll Eyes

They don't under Labor govts either.

A lot of Labor Politicians are millionaires & have large property portfolios.

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"When you are dead, you do not know you are dead. It's only painful and difficult for others. The same applies when you are stupid." ~ Ricky Gervais

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lee Gold Member Offline Australian Politics Posts: 19729 Gender:	Re: Albo is Biden lite - unrealised gain tax Reply #35 - May 19^th, 2025 at 1:27pm Albanese is under a defined benefit scheme, like the state officials.
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Gnads

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Re: Albo is Biden lite - unrealised gain tax
Reply #36 - May 19^th, 2025 at 1:28pm

John Smith wrote on Apr 30^th, 2025 at 7:34am:

Frank wrote on Apr 29^th, 2025 at 8:24pm:

John Smith wrote on Apr 29^th, 2025 at 2:02pm:

Frank wrote on Apr 29^th, 2025 at 1:02pm:

I knew you wouldnt understand it.

I merely asked you a question ... are you struggling to find an answer?

Borrowing money is not the same as paying tax, you thicko. Just because they both involve money doesn't mean they are interchangeable, you thick, debit.

no poo borrowing money is not the same as paying tax ya dumbarse. Good of you to state the bleeding obvious. I'm glad to see the money your parents spent on sending you to kindergarten wasn't totally wasted Cheesy

Want to try again but this time go ask for help before answering lest you embarrass yourself further

if it can be used as a tangible asset that you can use as security, why shouldn't it equally be used as an asset that is used to determine liability?

Is a tangible asset the same as an owned asset i.e a "realised" asset?

It's not an unrealised asset that can be taxed on its unrealised value now is it? Roll Eyes

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"When you are dead, you do not know you are dead. It's only painful and difficult for others. The same applies when you are stupid." ~ Ricky Gervais

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Gnads

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Re: Albo is Biden lite - unrealised gain tax
Reply #37 - May 19^th, 2025 at 1:31pm

Brian Ross wrote on Apr 30^th, 2025 at 1:10pm:

This is like your claims regarding "Race", Soren. Do we need to have a continual argument what science has taught us about the social construct called "Racism"? It seems so, you have a very closed mind, Soren for a non-economist. Just as closed as your mind is about "Racism". Tsk, tsk, tsk... Roll Eyes

He has a better clue about next to everything compared to you.

The only social construct here is you - & you're not real.

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"When you are dead, you do not know you are dead. It's only painful and difficult for others. The same applies when you are stupid." ~ Ricky Gervais

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Gnads

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Re: Albo is Biden lite - unrealised gain tax
Reply #38 - May 19^th, 2025 at 1:33pm

ProudKangaroo wrote on Apr 30^th, 2025 at 1:35pm:

Frank wrote on Apr 29^th, 2025 at 11:58am:

ProudKangaroo wrote on Apr 29^th, 2025 at 11:48am:

Seems it would have veen wiser for the rich to pay their fair share without needing to put forward legislation such as this?

Tax on UNREALISED gains is stupid.

You either do not understand it (you are stupid) or you understand it and still support it (vicious AND stupid).

Musk avoids paying taxes by leaving his wealth "unrealised" then borrows against those unsold stocks and uses the interest payments as a further tax write-off.

If billionaires can claim their unrealised worth attributed to wealth then why shouldn't it be open to taxation?

That said, I'm only talking very upper-level in principle stance. I have not seen the details of any proposed tax so I don't know how it looks like for an Albo government.

Do you know how they're looking to implement this tax and what it means to real people to help me understand?

Politicians allow people to get away with that shyte.

They do nothing about it because they're taking backhanders in one form or another.

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"When you are dead, you do not know you are dead. It's only painful and difficult for others. The same applies when you are stupid." ~ Ricky Gervais

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lee

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Re: Albo is Biden lite - unrealised gain tax
Reply #39 - May 19^th, 2025 at 1:50pm

John Smith wrote on Apr 30^th, 2025 at 7:34am:

if it can be used as a tangible asset that you can use as security, why shouldn't it equally be used as an asset that is used to determine liability?

But can it be used as a tangible asset?

"Shareholder equity and net tangible assets are both figures that convey a company’s value.
Shareholder equity is the value that a company is financing through investors purchasing common and preferred shares.
The big difference is that shareholder equity includes intangible assets, such as goodwill, while net tangible assets do not. "

https://www.investopedia.com/ask/answers/062615/what-difference-between-sharehol...

So how do you parse out goodwill?

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Ai_Took_Our_Jobs Senior Member Offline Australian Politics Posts: 333 Gender:	Re: Albo is Biden lite - unrealised gain tax Reply #40 - May 19^th, 2025 at 2:04pm ...
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lee Gold Member Offline Australian Politics Posts: 19729 Gender:	Re: Albo is Biden lite - unrealised gain tax Reply #41 - May 19^th, 2025 at 4:02pm Ai_Took_Our_Jobs wrote on May 19^th, 2025 at 2:04pm: No one knows who owns it, so no one can tax it. So what happens when you take the money out? You don't get it? It goes to someone else?
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ProudKangaroo

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Re: Albo is Biden lite - unrealised gain tax
Reply #42 - May 19^th, 2025 at 4:05pm

Gnads wrote on May 19^th, 2025 at 1:33pm:

ProudKangaroo wrote on Apr 30^th, 2025 at 1:35pm:

Frank wrote on Apr 29^th, 2025 at 11:58am:

ProudKangaroo wrote on Apr 29^th, 2025 at 11:48am:

Seems it would have veen wiser for the rich to pay their fair share without needing to put forward legislation such as this?

Tax on UNREALISED gains is stupid.

You either do not understand it (you are stupid) or you understand it and still support it (vicious AND stupid).

Musk avoids paying taxes by leaving his wealth "unrealised" then borrows against those unsold stocks and uses the interest payments as a further tax write-off.

If billionaires can claim their unrealised worth attributed to wealth then why shouldn't it be open to taxation?

That said, I'm only talking very upper-level in principle stance. I have not seen the details of any proposed tax so I don't know how it looks like for an Albo government.

Do you know how they're looking to implement this tax and what it means to real people to help me understand?

Politicians allow people to get away with that shyte.

They do nothing about it because they're taking backhanders in one form or another.

And here is an example of one trying to put an end to it, yet it's the biggest injustice in the history of the world...

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lee

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Re: Albo is Biden lite - unrealised gain tax
Reply #43 - May 19^th, 2025 at 4:13pm

ProudKangaroo wrote on May 19^th, 2025 at 4:05pm:

And here is an example of one trying to put an end to it, yet it's the biggest injustice in the history of the world...

So let's see - Albo will not be exposed, he is in a defined benefit scheme. No injustice there.

The calculation is on unrealised capital gains, should the price be lower when you sell there is no comeback. No injustice there either. Wink

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Bobby. Gold Member Offline Australian Politics Posts: 115135 Melbourne Gender:	Re: Albo is Biden lite - unrealised gain tax Reply #44 - May 19^th, 2025 at 4:59pm Captain Nemo wrote on May 19^th, 2025 at 1:05pm: The immediate effect could be $240 Billion pulled out of Super Funds. Longer term, the numbers are going to be quite significant. Most people will have to withdraw money from their Super to pay the tax.
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