Inheritance

[crocodile]

With Bill Gates it's not so much his money, it's his company. Who should inherit it from him?

Whoever he wants.

 

[myrrh ken]

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]

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]

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]

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]

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]

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]

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]

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

 

[myrrh ken]

It's his money. He can do with it what he wishes.

No shit

 

[crocodile]

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]

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]

Who says we're not taxing income fairly.

Many economists
Start with Ross Gittins

 

[Lambretta]

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]

Many economists
Start with Ross Gittins

Gittins has no economic qualifications whatsoever. He is not an economist.

 

[crocodile]

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.

 

[___]

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.

 

[myrrh ken]

Gittins has no economic qualifications whatsoever. He is not an economist.

Hes got a commerce degree, no doubt with a major in economics

 

[Lambretta]

Gittins has no economic qualifications whatsoever. He is not an economist.

OK then. Richard Denniss

 

[crocodile]

Hes got a commerce degree, no doubt with a major in economics

No. His major is in accounting.