tax dollars but this govt looks elsewhere
Only a fraction of Australia's half-a-million self-managed superannuation funds pay any income tax, experts say, because of generous super concessions and franking credits that are undermining the federal budget.
Tax Office statistics show almost 300,000 self-managed superannuation funds eliminated or reduced their tax bills through exemptions on super and $2.5 billion in franking credits in 2011-12. These are the most recent records available, although experts say the surge in dividend payments since then has further reduced the small amounts of tax paid by these funds, which are often the primary income of wealthy retirees.
At the time, 424,360 funds generated gross taxable income of $32.9 billion. About $15 billion of that was entirely exempt from income tax because the funds were in the pension phase, which doesn't incur income tax.
Normal ravings of someone who wants gimme gimme more from the few who actually pay more in tax than they get in benefits it is not sustainable . Nothing has been cut just rises slowed the pension including yours continues to rise at an average of 5 per cent a year according to budget papers . Stop whingeing and critising everything the country does .
Your continual childish name calling and accusing people of being other people just shows your lack of ability to discuss any subject .,,,
I have not asked for anything . No gimme gimme more from me and you will not find one post where I ask for something for myself . Perhaps because you are a me person you did not notice that . You speak for your own experience and motives and I comment on the affect to the many . Thats where you and I are chalk and cheese .
I put up on here a way via negative income tax a way of implementing a minimum income for all of 30,000 a year .
For those truly interested in the needy it was worthy of discussion . The bleeding hearts did not bother..,
There are no 100,000 degrees anywhere in the world and won't be here . They are forcast to be a max of 14,000 a year half of which will be payed by taxpayers and the rest by kids her will earn a million dollars more than those without a degree ...
you are scare mongering....
you can retire anytime you like .. But if you want a state pension labor raised it to 67 gradually and it will go to seventy gradually . Those who are young now will have the benefit? Of. Saving for their super ...
gp co payment is not slugging the sick that is just silly propaganda or is the labor copayment on Presciptions slugging the sick . The only one getting slugged is the few taxpayers who receive no nett benefit .
Instead of just repeating the failed labor propaganda THINK ....
Six months after receiving a Bachelor of Arts degree at the private digital arts college in California, 22-year-old Will Christiansen received his first student loan bill. The minimum monthly payment was $1,200. Making just $45,000 per year as a graphic designer at an advertising company in New York City — and taking home about $2,800 a month after taxes — he panicked. “There was no way I could make a $1,200 payment and still pay rent,” he says. “I would simply have to defer until I found a better job.”
Christiansen graduated with $107,000 in debt, and he’s part of a small, but growing group of students who graduate with extreme and unmanageable levels of debt — debt that could keep them in the red for the rest of their lives, and potentially be passed onto their children. It’s the new $100k club, and entrance doesn’t even require a college degree.
- See more at: http://www.thefiscaltimes.com/Articles/2011/06/10/The-Secret-$100000-College-Club-No-One-Should-Join#sthash.BwpcIZ1K.dpuf
How does a college debt get passed on to ones children Geoff?
debt that could keep them in the red for the rest of their lives, and potentially be passed onto their children.
potentially. Suggest a dictionary if the English language is a problem . Suggest sticking to the main point , cost of degree if wishing to contribute . Realise neither will be done .
"
There are no 100,000 degrees anywhere in the world and won't be here . They are forcast to be a max of 14,000 a year half of which will be payed by taxpayers and the rest by kids her will earn a million dollars more than those without a degree ...
you are scare mongering.... "
It gets boring proving the simpleton wrong so often .
I asked you a simple question. How does one personal debt get passesd on to their kids. Is this the law of the land in the US?
So you agree with that statement in the article.
I put up an article that shows how a degree can cost over 100,000 bucks . The post was to correct the statement by your pal , ghost , whatever .
There are no 100,000 degrees anywhere in the world
Now I know thats just too simple a thing for you but there it is . I see you also like to indulge in the verbal , typical .
So you agree that Pickering is a dirty old man who fantasises about ravishing young women solly . So you agree its ok to scam people while hiding behind false names like a once well known cartoonist solly . So you agree its ok to talk in a derogatory way about women and your fantasy conquests in an open forum solly . So you reckon its best to divert and attack people by inane and meaningless comments in forums solly .
I think I get the hang of it solly but its not really my thing so I will leave that stuff to you and your cronies .
Wow I have no idea what you're on Bout. Sorry I asked the question.
Botttom line is that the article is FALSE.
Children cannot be forced to take on the debts of their parents.
Six months after receiving a Bachelor of Arts degree at the private digital arts college in California, 22-year-old Will Christiansen received his first student loan bill. The minimum monthly payment was $1,200. Making just $45,000 per year as a graphic designer at an advertising company in New York City — and taking home about $2,800 a month after taxes — he panicked. “There was no way I could make a $1,200 payment and still pay rent,” he says. “I would simply have to defer until I found a better job.”
Nothing false there . A diversion as usual but a 100 grand degree for a BA stands . A potentially good point but it did not progress to a valid point just a diversion . See solly I even give you an example of the word potentially . No , no thanks , your welcome .
THE vomit theory is part of the global political lexicon: that it is only when you’re so sick of saying something that you want to vomit are the people you are speaking to starting to “get it”.
So let me repeat what has been said a million times: the university sector is not looking to introduce standard $100,000 degrees and deregulation won’t deliver them.
Those who have brainwashed some journalists and independent senators to accept that we plan to do just that deserve to be shot down.
It is not only wrong, it is shameful for the fear such myths are creating in the community.
Deregulation of higher education fees is a threshold issue for the government and for the sector. As many of us have stated ad nauseam, we are in the impossible situation of having government policy that dictates no cap on student numbers but a growing funding gap to pay for that policy decision.
Just in case you missed it, student funding has decreased by 14 per cent since 1996.
Deregulating fees will provide students with increased choice and universities with flexibility. Will fees go up? Some may, but others would also decrease as we have the freedom to determine the size of our institutions and the degrees that we offer.
A far more realistic estimate of how high fees might rise for a standard degree in a deregulated market is $12,000 to $14,000 a year — rather lower than the $100,000 being yelled from certain rooftops.
This would be in line with undergraduate degrees offered by some of the world’s top public universities that already operate in a deregulated market, such as the University of California at Berkeley.
It is also worth repeating (again) that Australia has income-contingent loans to assist students while the US does not, and the dollar value of the two currencies is not very far apart.
I repeat, there is nothing to fear from deregulated fees for undergraduate degrees. The sector’s job is to make sure that students get value for money, and that we can have a globally revered higher education system that enables both large and small universities to thrive and to carve out their niche, driven by realistic charges that value teaching quality while at the same time enticing students.
I repeat, $100,000 degrees would find few, if any, students willing to pay for them, which in turn would create a market for quality degrees at a much lower price — one that universities will aggressively compete to service.
Why would universities choose to lose students to their national and, importantly, international competitors by setting such ridiculous undergraduate charges? It is untenable from a business perspective to do so.
http://www.theaustralian.com.au/higher-education/deregulation-will-not-pave-the-way-for-100000-university-degrees/story-e6frgcjx-1227037730661
But Pete fees will go up to over $100k because students won't have to pay. They will simply pass on the debt to their kids and grand kids. Apparently it's legal.
Only in the minds of psudes who seem to have a sexuality problem...
They don't admit it was their choice to do this in a way that achieved savings more by cutting spending than by cutting tax expenditures. They cut the real growth in pensions, but left high-income-earners' absurdly generous superannuation tax concessions untouched.
They tightened up the family allowance and cut young people's access to the dole, but didn't tackle the concessional taxation of capital gains, negative gearing or company cars, while ignoring the miners' diesel fuel rebate and other business welfare.
They imposed a co-payment on GP visits, but didn't abolish the private health insurance rebate.
Read more: http://www.smh.com.au/business/hockeys-budget-is-unsustainable-20140608-39r5s.html#ixzz3Bb7oD3yN
The staggering political cynicism on display in Hockey and Abbott’s broken promises is a new low and will further contribute to the diminishing of political life in Australia. The Coalition has invented a “budget emergency” to set up a “cut-spending-or-die” scenario. With this budget, it’s performing emergency amputations with a blunt saw.
A smart re-drafting of taxation, public management, economic governance and social welfare is the long-term answer to the structural problems in the Australian economy. Instead we get a one-size-fits-all, low-tax, small-state mantra.
Thomas Piketty’s best-seller, Capital, has documented the rising levels of inequality in advanced economies. He proposes three broad ways to rectify this:
1) increased taxation, especially of top earners
2) economic growth
3) increased investment in skills for the workforce.
http://theconversation.com/hockeys-budget-ignores-the-cultural-economy-to-its-shame-26737
Phil Gorman
Mendicant - retired teacher and mariner at - quite good company
Death of The Common Wealth
Twisting and spinning their deceptive gyres;
so busy with their little webs;
The members do not hear the despised membership;
The social contract falls apart;
Democracy cannot hold.
Mere anarchy is loosed upon the land,
The corporate hounds let slip, and everywhere
The cries of the innocent are drowned
By the monstrous media.
The best lack all conviction, while the worst
Are full of passionate intensity;
And the predator's ferocious joy.
In an ecstasy of excess.
Surely some revelation is at hand?
Thatcher's Second Coming ?
Or silly Rapacious Reagan?
Friedman?
Hayek at the very least.
The Second Coming!
Hardly are those words out
When a hideous image appears.
It's not The New Jerusalem;
This wasteland of insatiable greed,
This bleak landscape of Consumer Land;
Where entitled Philistines rule in the people's name.
Where Barons and Magnates of every kind;
bind all others in irredeemable debt.
These corrupt Servants of Mammon;
Who know the price of everything,
And the value of nothing.
Summon up their Beast.
This rough Beast, its hour come round at last,
Slouches towards Canberra to be reborn.
With a pig's body and the head of a man;
A gaze blank and pitiless as the sun,
It rolls its great thighs, and does its sums;
Puffs a fat cigar, self satisfied self server.
Dances a jig of unrestrained delight;
And pronounces our doom.
Has The Beast employed a J curve,
To shape a prosperous future?
Or used a Hockey stick,
To beat the people down?
While all about it wheel afrighted birds,
Their nests destroyed, all security gone;
Screaming to no avail.
The Beast is deaf.
The Beast's Budget breaks open
Our fragile cracked democracy.
What has he released?
Spiderlings spill out; revealing Brute Utopia.
And there bloated Corpocracy unfolds itself;
Many eyed, many limbed, black web spinner;
The supreme insatiable predator even eats itself.
It strikes. Paralysed democracy convulses and dies.
The Common Wealth is no more.
With apologies to Yates, Wilde et a
Fair game
Finance Minister Mathias Cormann is threatening to increase taxes if the government's proposed spending cuts are not passed. Why is he not proposing to wind back tax concessions to the rich and undeserving, such as negative gearing ($6.8 billion per annum); family/discretionary trusts, exempting those of farming families ($3.6 billion savings per annum); and the various churches. This week's exposure of the Melbourne Catholic Archdiocese's healthy finances was a real eye-opener.
Rosemary Sceats, Macleod
Read more: http://www.theage.com.au/comment/the-age-letters/support-the-progressive-kurds-in-their-fight-20140827-3efhd.html#ixzz3BbR0Ctzc
Opposition higher education spokesman Kim Carr says the changes have been rushed and will burden students with crippling debts.
"This is a program for $100,000 university degrees and a generation of debt for tens of thousand of Australian families," Senator Carr said.
He also accused Mr Pyne of threatening cuts to research funding if the higher education changes do not get through the Parliament.
"This is a minister who's quite prepared to say anything and do anything to get this warped program through the Senate," he said.
Universities Australia has urged the Senate to support the Government's higher education package with some amendments.
The group's chief executive Belinda Robinson says she supports fee deregulation, but is worried the changes to student loans will hurt people on lower incomes.
"So what we're wanting to do of course is have the Government reconsider that but particularly urge the senators to have a think about that and reconsider that to make the proposal here far more acceptable for students and their families as well," she said.
Ms Robinson is also concerned about the move to cut Commonwealth funding to universities by 20 per cent.
"Twenty per cent is a big amount to come out of the higher education sector, it equates to about $1.9 billion," she said.
"And that's off the back of earlier cuts that we know have been introduced last year that amount to $3.3 billion."
ABC
So tax dollars go begging and Hockey cannot or will not see them . Pre election it was a magic pudding with no cuts , lower taxes , improve the budget and remove the carbon tax . Well removing a revenue source and revenue taxes then adding 12 billion to the budget in 3 months does not help things . Cutting funds left right and centre after spending three years saying we will keep our promises while hanging the PM for one alleged lie does not go down well . Promise after promise broken but not the unofficial one to the banks about financial advisors . Lets not forget the repeal of the 15% tax on super over 100,000 while removing super break for lower income people . Yeah lets all do the heavy lifting ! Oh you 10% can relax , we did not mean you .