What's new
The Front Row Forums

Register a free account today to become a member of the world's largest Rugby League discussion forum! Once signed in, you'll be able to participate on this site by adding your own topics and posts, as well as connect with other members through your own private inbox!

Inheritance

myrrh ken

First Grade
Messages
9,817
Bill gates has said many times that he is giving his kids "only" 10 mill each. And will give away the rest.

Hes really turned around from when he was a ruthless greedy merkin in the 90s.
 

Lambretta

First Grade
Messages
8,679
What a load of horseshit. The top 10% of income earners pay 50% of the taxes in this joint.

There is a vast difference between income, declared income and taxable income.

The top income earners are Corporations. Many of them pay no tax for years.

As for salaried incomes, there are so many tax structures that assist in avoidance that top income earners pay a fraction of what they should.

Family Trust structures. Negative gearing etc.
 

Lambretta

First Grade
Messages
8,679
What a load of horseshit. The top 10% of income earners pay 50% of the taxes in this joint.

Btw, I was referring to the top 1%
The Super rich who hold the vast majority of the wealth in the Country

The top 10% may well pay 50% of all taxes, but the top 1% hold 90% of all wealth. Its that Spacemonkey referred to.

If the Super wealthy paid in what they should during life there would be no need to tax at death
 

crocodile

Bench
Messages
3,496
There is a vast difference between income, declared income and taxable income.

The top income earners are Corporations. Many of them pay no tax for years.

As for salaried incomes, there are so many tax structures that assist in avoidance that top income earners pay a fraction of what they should.

Family Trust structures. Negative gearing etc.
Corporations don't pay tax on their income. They pay tax on their profits. Not quite the same thing. They may well pay no corporate tax for years because they either didn't make a profit or they are carrying forward previous years' losses.

Negative gearing does not reduce the tax collected by the government. It only changes the date when it is collected.
 

crocodile

Bench
Messages
3,496
Btw, I was referring to the top 1%
The Super rich who hold the vast majority of the wealth in the Country

The top 10% may well pay 50% of all taxes, but the top 1% hold 90% of all wealth. Its that Spacemonkey referred to.

If the Super wealthy paid in what they should during life there would be no need to tax at death
Income and wealth are not the same thing. We tax income here, not wealth.

There is no need to tax at death.
 

crocodile

Bench
Messages
3,496
Bill gates has said many times that he is giving his kids "only" 10 mill each. And will give away the rest.

Hes really turned around from when he was a ruthless greedy merkin in the 90s.
It's his money. He can do with it what he wishes.
 

Lambretta

First Grade
Messages
8,679
Income and wealth are not the same thing. We tax income here, not wealth.

There is no need to tax at death.

I understand wealth and income are not the same. But not taxing income fairly means wealth accumulates unfairly. That's my point. We need to tax more fairly.

I agree, there is absolutely no need to tax upon death. I am vehemently opposed to it for many reasons.
 

Lambretta

First Grade
Messages
8,679
Corporations don't pay tax on their income. They pay tax on their profits. Not quite the same thing. They may well pay no corporate tax for years because they either didn't make a profit or they are carrying forward previous years' losses.

Negative gearing does not reduce the tax collected by the government. It only changes the date when it is collected.

I understand Corporations only pay tax on profits

The problem is that we allow too many reasons for them to demonstrate why they're not making any profits when in fact they are. The system is broken

Australia is the largest source of LPG in the World. We collect less than $1 billion in revenue from it per annum.

Qatar is the second biggest. They collect close to $40 billion per annum

Work that out over a decade and tell me we have things right

That lost revenue is repeated across all our mining industries. We allow foreign corporations to dig up the resources that belong to all of us. They pay us nothing for them. They sell them overseas and make a f**king fortune off them. They pay no tax. Chevron hasn't paid a cent in a decade.

We are a resource rich Nation with a tiny population . Taxes should be next to nothing here. We should live in functioning Cities with free public transport. We should be the envy of the World

Instead we give our future away to a tiny portion of super rich people so they can get richer at our expense

Meanwhile we piss ourselves worrying that a few dark skinned people might come here without an invitation.

We're f**king mad
 

crocodile

Bench
Messages
3,496
I understand wealth and income are not the same. But not taxing income fairly means wealth accumulates unfairly. That's my point. We need to tax more fairly.

I agree, there is absolutely no need to tax upon death. I am vehemently opposed to it for many reasons.
Who says we're not taxing income fairly.
 

crocodile

Bench
Messages
3,496
I understand Corporations only pay tax on profits

The problem is that we allow too many reasons for them to demonstrate why they're not making any profits when in fact they are. The system is broken

Australia is the largest source of LPG in the World. We collect less than $1 billion in revenue from it per annum.

Qatar is the second biggest. They collect close to $40 billion per annum

Work that out over a decade and tell me we have things right

That lost revenue is repeated across all our mining industries. We allow foreign corporations to dig up the resources that belong to all of us. They pay us nothing for them. They sell them overseas and make a f**king fortune off them. They pay no tax. Chevron hasn't paid a cent in a decade.

We are a resource rich Nation with a tiny population . Taxes should be next to nothing here. We should live in functioning Cities with free public transport. We should be the envy of the World

Instead we give our future away to a tiny portion of super rich people so they can get richer at our expense

Meanwhile we piss ourselves worrying that a few dark skinned people might come here without an invitation.

We're f**king mad
The comparison with Qatar is not useful. Their gas companies are owned by the state so of course they receive all the revenue. That doesn't mean they earn $40 billion. Revenue isn't profit and their extraction and distribution costs have to be covered. Conversely, Chevron and partners invested $50 billion in the Gorgon gas project which ultimately has to be repaid with interest. Obviously, profits will have to wait. The WA government still receives the royalty payments regardless of profit though.
 

Lambretta

First Grade
Messages
8,679
The comparison with Qatar is not useful. Their gas companies are owned by the state so of course they receive all the revenue. That doesn't mean they earn $40 billion. Revenue isn't profit and their extraction and distribution costs have to be covered. Conversely, Chevron and partners invested $50 billion in the Gorgon gas project which ultimately has to be repaid with interest. Obviously, profits will have to wait. The WA government still receives the royalty payments regardless of profit though.

I understand that they invest
But do they invest in infrastructures that benefit Australia or infrastructures that benefit Chevron?

If we weren't quite so generous would they still want our resources? Short answer, yes they would

I am not anti business- but this shit us symbiotic . If they want what we have, they need to pay a fair price

Profit traffic is way too one way
 

crocodile

Bench
Messages
3,496
I understand that they invest
But do they invest in infrastructures that benefit Australia or infrastructures that benefit Chevron?

If we weren't quite so generous would they still want our resources? Short answer, yes they would

I am not anti business- but this shit us symbiotic . If they want what we have, they need to pay a fair price

Profit traffic is way too one way
Last time I looked, the WA government sets the price.
 

___

Juniors
Messages
860
Bill gates has said many times that he is giving his kids "only" 10 mill each. And will give away the rest.

Hes really turned around from when he was a ruthless greedy merkin in the 90s.
I reckon his kids will be happy with that... provided that they get a good share in Microsoft.
 

Latest posts

Top