They talk alot about bracket creep, but why not introduce more brackets above $190k with up to 50% tax to deliver tax breaks to the lower brackets. The rich seem to benefit more from society so maybe they should pay their fair share
this post was submitted on 25 Jan 2024
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Agreed. It needs to scale much higher.
It's already 47% above 180k (including the Medicare levy), not to mention the GST on most goods and services. The rich pay the vast majority of the tax in this country, and raising tax rates risks pushing some of them to move overseas. (Which results in less taxes collected overall among other issues). It's a fine balance. The real problem, as I see it, is companies and individuals who find ways to avoid paying taxes. We need to fix the loopholes.
There's also 6.5% payroll tax that we never see.
I'm just hoping we're not cutting funding away from medical. It's been 2 years since I've been fully bulk billed.