Peter Costello likes to pretend he’s big on tax reform. All that’s big about Coalition tax policy is the total tax bill. The Commonwealth collects $70 billion more tax than Keating ever did. That’s thousands of dollars for every tax payer in Australia.
The Coalition have announced a new round of tax cuts. Except they’re not really tax cuts, they’re tax-backs. You get back what was always yours. The coalition fiddle with thresholds and fail to cut to the chase: less taxes, less tax laws, and attention paid to the interaction of tax and welfare.
Only the LDP’s policy deals with all these problems at once. It’s called the 30/30 plan, and it’s the simplest tax plan on offer:
- 30% Negative Income Tax …
- up to a $30 000 threshold …
- with a flat 30% rate over that.
The 30/30 plan means that you never give up more than 30% in any dollar earned. You always know exactly what you’ll pay in taxes next week, or how much is due to you in negative income tax. This makes it easier for people on welfare to get into work, and it makes calculating your tax return a 10-minute, one-page task.
You can learn more about the 30/30 plan by visiting the LDP tax policy page, or you can read the indepth report from John Humphreys.
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[...] Chester 4 Solomon The Liberty and Democracy Party (LDP) is pleased to announce the endorsement of Jacques Chester as candidate for the Darwin-based seat of Solomon. Jacques has set up a blog to record his campaign experiences at http://chester4solomon.com and he has a good post there about Costello’s “tax reform” announcement. [...]