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Abolish GST, replace with 0.1% tax on speculative financial turnover
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The elimination of the Goods and Services Tax, which is a regressive tax
which hits poor and working class Australians the hardest, and its
replacement by a 0.1% (one tenth of one per cent) tax on speculative
turnover.
Come July, everyone in Australia will understand why the Canadians, at
the election immediately following the imposition of what they called
the "gouge and screw tax", decimated the government party, dropping it
from nearly 200 seats down to just two. And who first proposed the GST
here? Not John Howard, but Paul Keating, and the ALP, the Anti-Labor
Party, already in 1985.
A true Labor approach to taxation, was enunciated by John Curtin in his
1937 Fremantle speech, which sounds like it could have been written
about the Howard, or Hawke and Keating governments:
"In its remissions of taxation, the Government has favoured wealthy land
and property owners, shipping, insurance and other companies; while to a
great extent it has disregarded the principle of levying taxes on the
basis of ability to pay."
The GST is expected to raise between $30 and $40 billion per year. This
can be more than replaced by a one tenth of one per cent tax on
speculative financial turnover, in the stock market, and in the currency
markets, etc. The volume of annual turnover in these markets in
Australia is $50.5 trillion, according to the Australian Bureau of
Statistics. A 0.1% tax on this would raise $50.5 billion in a year. This
tax would also start to shrink the speculative bubble that is looting
the Australian economy. Retirees and pensioners would be exempt from
such a tax—they have been taxed many times on the money that has been
put aside for their retirement, and their exemption will have a
negligible impact on the amount of revenue raised.
The elimination of the Goods and Services Tax, which is a regressive tax
which hits poor and working class Australians the hardest, and its
replacement by a 0.1% (one tenth of one per cent) tax on speculative
turnover.
Come July, everyone in Australia will understand why the Canadians, at
the election immediately following the imposition of what they called
the "gouge and screw tax", decimated the government party, dropping it
from nearly 200 seats down to just two. And who first proposed the GST
here? Not John Howard, but Paul Keating, and the ALP, the Anti-Labor
Party, already in 1985.
A true Labor approach to taxation, was enunciated by John Curtin in his
1937 Fremantle speech, which sounds like it could have been written
about the Howard, or Hawke and Keating governments:
"In its remissions of taxation, the Government has favoured wealthy land
and property owners, shipping, insurance and other companies; while to a
great extent it has disregarded the principle of levying taxes on the
basis of ability to pay."
The GST is expected to raise between $30 and $40 billion per year. This
can be more than replaced by a one tenth of one per cent tax on
speculative financial turnover, in the stock market, and in the currency
markets, etc. The volume of annual turnover in these markets in
Australia is $50.5 trillion, according to the Australian Bureau of
Statistics. A 0.1% tax on this would raise $50.5 billion in a year. This
tax would also start to shrink the speculative bubble that is looting
the Australian economy. Retirees and pensioners would be exempt from
such a tax—they have been taxed many times on the money that has been
put aside for their retirement, and their exemption will have a
negligible impact on the amount of revenue raised.
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