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Posted on 9 Apr 2019 8:59 am
The Opposition Leader loosely says "the same goes for dividend imputation. If the tax office pays a tax credit to someone who pays no tax, this is a gift."
Surely, Shorten knows that we all pay thousands in tax - such as the GST, rates, stamp duty, petrol tax including a myriad number of 130 taxes levied by federal, state and local governments in order to support politicians dependent on the generous gifts such as taxpayer funded pensions, travel allowances, twice yearly indexed salaries, all funded by the taxpayer!?
Shorten goes on to say that "It is a gift that is costing taxpayers nearly $6 billion every year and it is growing so fast it will soon be more than what we spend on our public schools."
This so-called 'gift' is the tax paid on the amount earned by one's share in a company. It doesn't cost taxpayers anything unless the imputation credit is scrapped by Labor!
OK. What if one earns gross interest earned in a bank account then is that income tax free provided one is within the tax free threshold? A tax refund always comes from tax already paid by a taxpayer not from the government or from other taxpayers' pockets!
So, why is Labor discriminating between these two forms of income? Is it because that with shares, tax is paid by the company on share income while in the case of bank interest the taxpayer is entirely responsible for declaring and paying tax? But then Labor has already had to allay the fears of old age pensioners with assurances that this policy won't affect them.
It is not only the Coalition that gets it wrong. Labor is just as guilty in policies which affect the well-being and financial affairs of their vulnerable charges.
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