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Collapse Issue 400 - 22 Aug 2016Issue 400 - 22 Aug 2016
Collapse  NEWS NEWS
Residents gather for action on roads
Peninsula fuel prices comparable with Coast
Property prices could increase with tunnel - Chamber
Local anglers support research program
Chamber calls Ocean Beach masterplan
Patonga hotel is listed for sale
Administrator calls for Brisbane Ave report
Improvements planned for Woy Woy restaurant
Wine bar proposal refused due to lack of information
Go-ahead for 11 flats
Certificate granted
Peninsula excluded from disability inclusion talks
Vets hold memorial service
Discovery program explores National Park
Cake stalls and community talks
Rotary installs solar at PNG school
Residents urged to make NBN submissions
New trains on order
Students return from Anzac tour
Collapse  FORUM FORUM
Woy Woy oval white elephant
Same old story
Fill the hole in the Australian Budget
Collapse  HEALTH HEALTH
Free hearing checks offered at Umina and Woy Woy
Walk to be held on Suicide Prevention Day
Health centre acts against sexual assault
Child care service to extend hours
Workshops to help fathers build relationships
Peninsula may benefit from domestic violence clinic
Women's morning coffee
Collapse  ARTS ARTS
Arts alive in Umina
Professor appointed curator at State Library
Jimmy Barnes to sign books in Umina
Thomsons' show at Troubadour
New movement retreat at Wagstaffe
Art show to be staged over three days
Wagstaffe to host gig tour
Collapse  EDUCATION EDUCATION
Bush classroom may re-open at Pretty Beach
Primary school holds classes for mums and dads
Athletics carnival held
Ninety years at Pretty Beach
Debating team is undefeated
Families wanted for Rotary exchange
Touch of magic
Umina placed sixth in netball
Pencils planted in garden
Prizes for Fathers' Day
Umina school raises $2000 for Stewart House
Girls' tower beats 22 others
Liesl Tesch speaks to Ettalong students
Knockout teams eliminated
Collapse  SPORT SPORT
Third loss in a row for Woy Woy
Jemma is young athlete of the year
Preparing for 50th anniversary in 2018
Life membership of bowling club
Collapse  400th EDITION 400th EDITION
Peninsula News after 17 years and 400 editions
The role of Peninsula News - 16 years ago
Congratulations from Chamber of Commerce
Congratulations from Lucy Wicks

Fill the hole in the Australian Budget

The Australian Budget has a huge hole in it.

The hole has not been made by pensioners, workers or small businesses.

The hole needs to be plugged by those who have carefully constructed it, the tax-dodging mega-rich Australian companies and multinational corporations.

We know the Turnbull Government is shy on revenue raising.

We know the Liberal Party's lop-sided insistence on cutting expenditure, and we know that this puts in jeopardy elements of the "Social Wage" that the Australian people have repeatedly voted for: Medicare, several essential pensions, public schools, public TAFE, public universities, public hospitals public broadcasters like the ABC and SBS, disability scheme, family assistance, child care and Aboriginal support and programs.

It is not a matter of Left versus Right.

It is not a matter of the "politics of envy," there is no call here to increase any tax rates, nor to decrease them.

The call is to simply collect the taxes already supposed to be collected.

It is simply a matter of management competence.

To achieve Budget revenue repair before any consideration of further cuts, the Australian Parliament should take the following actions: Criminalise the use of off-shore tax escapes.

Multinationals pay 30 per cent tax on all profits made from business conducted in Australia.

The revenue from this has been estimated by Rozvany, a "leading corporate tax authority" at $50 billion per year.

Oxfam, using a fraction of the data, has already identified revenue repair to the tune of $6 billion per year.

Like Pauline Hanson I believe the figure is more likely to be "100s of billions".

Require Australian companies which pay little to no tax to pay a three per cent fee to operate in Australia.

This will produce, according to the ATO, an estimated revenue of $12 billion per year, with many more billions if increased to four per cent or five per cent.

Superannuation for all people with an annual taxable income of over 150 per cent of the average (around about $130,000) replace the concessional 15 per cent tax rate with marginal tax rates at an estimated revenue increase of $29 billion per year or a minimum of $12 billion per year

Negative gearing for all people with annual taxable income of over 150 per cent of the average, remove access to negative gearing at an estimated revenue increase of $5 billion per year.

Capital gains tax for all people with an annual taxable income of over 150 per cent of the average, remove the 50 per cent tax exemption on capital gains at an estimated revenue increase of a minimum of $6 billion per year.

Remove all subsidies to fossil fuel companies at an estimated revenue increase of $5.5 billion per year.

Together, these six areas provide revenue increases of approximately $107 billion, twice the size of the Budget deficit without raising tax rates.

All cross-benchers should support this strategy but it is especially so with One Nation because it has a series of policies which lend themselves to this strategy.





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