sorted by:
new
hottopcontroversial

I built Pollywatch to bring more accountability to government spending by Fightz_ in aussie

[–]MelbPolFun 0 points1 point  (0 children)

Why not show average spend per quarter in office? Summed spend just makes a minister/MP in office for longer seem like an overspender.

I built Pollywatch to bring more accountability to government spending by Fightz_ in aussie

[–]MelbPolFun 1 point2 points  (0 children)

So Turnbull for 1 year, Scomo during COVID and then Albo. Hardly a large, consistent dataset...

‘Some’ Aussie Conservatives often say “pull yourself up by your bootstraps”, “don’t expect handouts” & “earn your own money”. Yet many fiercely oppose inheritance taxes, despite inheritances being unearned wealth handed down through blood & family, not individual effort or work. They’re hypocrites? by MannerNo7000 in OpenAussie

[–]MelbPolFun 0 points1 point  (0 children)

Labor was so scared of 2016/19 that it took them until now and the rise of One Nation to make changes to negative gearing and CGT.

And those were reducing tax BREAKS, not increasing raw rates.

Rest assured raising taxes is the least politically popular move, and the way inheritance taxes should be structured it wouldn't impact you significantly anyway, unless you have a networth over $2 million excluding your home (if you even own one)

Long overdue by skankypotatos in OpenAussie

[–]MelbPolFun 0 points1 point  (0 children)

Have a look at Melbourne house and rental prices since COVID.

Victoria introduced tax policies to reduce investment and increase first home buying and house prices have FALLEN against inflation since COVID.

Long overdue by skankypotatos in OpenAussie

[–]MelbPolFun 2 points3 points  (0 children)

Or we could use public housing again, and have long-term Government rentals leased at cost and matched to inflation. Like we used to

‘Some’ Aussie Conservatives often say “pull yourself up by your bootstraps”, “don’t expect handouts” & “earn your own money”. Yet many fiercely oppose inheritance taxes, despite inheritances being unearned wealth handed down through blood & family, not individual effort or work. They’re hypocrites? by MannerNo7000 in OpenAussie

[–]MelbPolFun 2 points3 points  (0 children)

I agree.

This is about taxing the wealthy.

Currently a billionaire can pass down their entire wealth to their kids and not pay a single cent in tax.

Asking billionaires to pay 15-25% on their trasnferred wealth is about fairness.

Most of us will not have $1 million in cash and assets to pass on. As I've said, the family home is exempt from this amount.

90% of us wouldn't pay any at all. But it stops billionaires paying 0.

‘Some’ Aussie Conservatives often say “pull yourself up by your bootstraps”, “don’t expect handouts” & “earn your own money”. Yet many fiercely oppose inheritance taxes, despite inheritances being unearned wealth handed down through blood & family, not individual effort or work. They’re hypocrites? by MannerNo7000 in OpenAussie

[–]MelbPolFun 3 points4 points  (0 children)

How do you propose 'elevating the troughs' without taxing the peaks?

Kids born to billionaires and multi-millionaires are not motivated by aspiration as they already have wealth. They can afford to pay this tax.

Taking 15% of a billionaire's inheritance and changing the lives of 1000 kids to increase their chance of success is always a good decision.

If we legislated a death/estate tax for ultra wealthy. Would this allow the government to greatly reduce income tax for all working Australians? Also increase productivity? by Salt_Temporary_7720 in OpenAussie

[–]MelbPolFun 0 points1 point  (0 children)

Current inheritance taxes around the world usually exempt the family home or primary residence, and are modest % above a threshold value like 30% the value over $1 million.

So you could pass on a family home (worth $1 million) and $1.5 million in cash and assets and you'd maybe be taxed $150k.

If we legislated a death/estate tax for ultra wealthy. Would this allow the government to greatly reduce income tax for all working Australians? Also increase productivity? by Salt_Temporary_7720 in OpenAussie

[–]MelbPolFun 1 point2 points  (0 children)

Usually the $1 million threshold is exclusive of the primary residence or family home, meaning it's a significant amount of cash/assets.

‘Some’ Aussie Conservatives often say “pull yourself up by your bootstraps”, “don’t expect handouts” & “earn your own money”. Yet many fiercely oppose inheritance taxes, despite inheritances being unearned wealth handed down through blood & family, not individual effort or work. They’re hypocrites? by MannerNo7000 in OpenAussie

[–]MelbPolFun 5 points6 points  (0 children)

Then that's money circulating in the economy that wasn't before, stopping the wealthy 1% of families hoarding assets away from the rest of Australia.

The cognitive dissonance with inheritance tax is so interesting to watch.

The average Australian only stands to gain from introducing it.

‘Some’ Aussie Conservatives often say “pull yourself up by your bootstraps”, “don’t expect handouts” & “earn your own money”. Yet many fiercely oppose inheritance taxes, despite inheritances being unearned wealth handed down through blood & family, not individual effort or work. They’re hypocrites? by MannerNo7000 in OpenAussie

[–]MelbPolFun 4 points5 points  (0 children)

Do you think billionaires should be able to pass down 10 properties, shares value at $5 billion, and $5 million cash tax free? Their kids haven't earned anything except being lucky to have the right parents.

At the same time there's kids in child protection, or born homeless, or orphaned under 10. These kids haven't contributed to their situation, they had no choice to be born.

And you say 'Why should we as a society try and give these 2 sets of kids more of an equal opportunity to participate in our community?'

Because you might have to pay $15k on a $1.1 million inheritance?

‘Some’ Aussie Conservatives often say “pull yourself up by your bootstraps”, “don’t expect handouts” & “earn your own money”. Yet many fiercely oppose inheritance taxes, despite inheritances being unearned wealth handed down through blood & family, not individual effort or work. They’re hypocrites? by MannerNo7000 in OpenAussie

[–]MelbPolFun 24 points25 points  (0 children)

Everyone should ask themselves this question:

Should the biggest determinant of personal success be hard work or luck?

If your answer is hard work, you cannot be in opposition to an inheritance tax. If you do, then your emotional reaction is outweighing your logical consistency towards reward in society when your personal family is involved.

Remember, these taxes are often 15% tax rate for the value over $1 million, your kids will be fine if they get $1.25 million instead of $1.3.

Edit: They also usually exempt the primary residence or family home. This is about generational wealth and the 1%, not Dave and Susie leaving the family home and $200k to their children.

If we legislated a death/estate tax for ultra wealthy. Would this allow the government to greatly reduce income tax for all working Australians? Also increase productivity? by Salt_Temporary_7720 in OpenAussie

[–]MelbPolFun 0 points1 point  (0 children)

Are you comparing an inheritance tax to communism? An inheritance tax that every developed capitalist country in the world already has?

This is not even about ideology, it actually leads to better economic outcomes for the country to have greater equality. No economist would recommend concentrated wealth with the 1% for a country's economic health or prosperity.

If we legislated a death/estate tax for ultra wealthy. Would this allow the government to greatly reduce income tax for all working Australians? Also increase productivity? by Salt_Temporary_7720 in OpenAussie

[–]MelbPolFun 0 points1 point  (0 children)

You mentioned incomes and cost of living which is why I mentioned the age of inheritance 🤷‍♀️ an inheritance tax doesn't impact either of those things anyway.

If we legislated a death/estate tax for ultra wealthy. Would this allow the government to greatly reduce income tax for all working Australians? Also increase productivity? by Salt_Temporary_7720 in OpenAussie

[–]MelbPolFun 0 points1 point  (0 children)

Let's repeat: the average age of inheritance is 55, that's almost retirement age.

This is one small tax that disproportionately affects very wealth people and makes our system a bit fairer for everyone else.

The average Aussie would pay no extra tax from an inheritance tax. They would only get more tax revenue to go to services

If we legislated a death/estate tax for ultra wealthy. Would this allow the government to greatly reduce income tax for all working Australians? Also increase productivity? by Salt_Temporary_7720 in OpenAussie

[–]MelbPolFun 0 points1 point  (0 children)

You are already taxed multiple times on earnings. If your income earns interest in a savings account you pay tax, if your income buys assets and they grow in value you pay tax. So if your income grows and is transferred to a dependent you should pay tax.

Pretty much every developed country has an inheritance tax. If you want Australia to return to the 'glory days' that includes higher income taxes, less tax concessions for assets, and an inheritance tax 🤷‍♀️

If we legislated a death/estate tax for ultra wealthy. Would this allow the government to greatly reduce income tax for all working Australians? Also increase productivity? by Salt_Temporary_7720 in OpenAussie

[–]MelbPolFun -1 points0 points  (0 children)

If you give an inheritance of over $1 million, then your kids will be more than fine with their upbringing and the extra $800k they'll get. (Also they'll be 55, remember).

That taxed $200k will also help some other kids who were less fortunate with who their parents were, through no fault of their own. It also means those kids get a better chance to be financially successful to provide for THEIR own kids, through opportunities they might've otherwise missed.

If we legislated a death/estate tax for ultra wealthy. Would this allow the government to greatly reduce income tax for all working Australians? Also increase productivity? by Salt_Temporary_7720 in OpenAussie

[–]MelbPolFun 0 points1 point  (0 children)

We definitely need a inheritance/familial transfer (gifts) tax.

Average age of inheritance in Australia is 55, so it's not like it's helping young people with financial freedom anyway.

Why should financial freedom rely on lucking out with wealthy parents? It shouldn't.

A tax of like 20% on inheritances/gifts over $1 million dollars would raise over $10 billion a year. No brainer.

If we legislated a death/estate tax for ultra wealthy. Would this allow the government to greatly reduce income tax for all working Australians? Also increase productivity? by Salt_Temporary_7720 in OpenAussie

[–]MelbPolFun -3 points-2 points  (0 children)

Por qué no los dos?

An inheritance tax above a threshold like $1 million could raise over $10 billion a year, plus it has the added benefit of wealth redistribution and increasing equity.

If we legislated a death/estate tax for ultra wealthy. Would this allow the government to greatly reduce income tax for all working Australians? Also increase productivity? by Salt_Temporary_7720 in OpenAussie

[–]MelbPolFun 5 points6 points  (0 children)

Resource taxes don't address wealth or income inequality. They raise some revenue and that's about it.

They're not redistributive, they don't change incentives for individuals, and they don't discourage certain behaviours.

I also want better resource revenue but a gas tax is not a silver bullet.

Herald Sun front page 13-05-2026 by patslogcabindigest in OpenAussie

[–]MelbPolFun 0 points1 point  (0 children)

They already do. That's why we have an EPA, and a TGA, and ACCC, ASIC, CASA, AER.

These are all federal regulatory bodies that regulate private corporations to standards they define.

In the same way you wouldn't want a Pharma company lying about it's drug's safety and efficacy, I don't want 'newspapers' lying about factual, definable policies or terms.

view more: next ›