Equity and Tax
Tax is a constant theme in our world of financial capitalism. Hidden taxes, promised tax cuts, flat tax, consumer tax and so on endlessly. But facts are not at a premium and the rich get away with whatever they like.
In Australia millionaires pay no tax as this infographic by Get Up! shows.
Based on Tax Office stats published in the Sydney Morning Herald 30/4/15, it indicates just one aspect of a basic inequity.Publication was part of a move in Australia to back "the Buffett rule" which is nicely explained here in Salon. It's basically a principle inspired by US financier Warren Buffett when he discovered that his secretary paid a higher percentage in income tax than he did. Buffett now maintains that the wealthiest should pay their fair share, not a lower rate than the middle class.
Even the White House reports that over 20,000 US households making over $1 million p/a pay a tax rate less than 15% (online here)
In Australia the social democratic Labor Party is now endorsing the same principle, aimed at recouping a greater share of tax from the top 1% of tax payers. This would raise $2.5 billion a year from people earning over $300,000 pa. The average annual (full time male) salary is currently about $76,000 while the median is about $66,000 (for the median family, not single full time male worker).
More info on the Buffett Rule from Get Up! - click here
First published: 01-04-2014