@JasonHa80535499@Crashman_X@AlboMP $9 million of shares sold in one year 20 years after a purchase of 600,000 assuming average of 3% CPI per year, and a modest ordinary income of 100,000 in the year of sale would result in an amount of 3.7 million in tax payable. That's 41.3%.
@ClareONeilMP When I worked as a Developmental care worker I didn't pay more tax that anyone else that earnt the same amount of income. I worked with clients that received money from discretionary trusts, and much less income than I did. Why tax them higher, because they're capitalists?
@ClareONeilMP Do you know nurses have some of the most generous salary sacrifice provisions of any employees maybe only bettered by Priests who have taken vows of poverty. Teachers paying more tax than a plumber who works 60 hour weeks and doesn't get 8 to 10 weeks of non student periods?
@JohnLavis1@tax_oz@ALeighMP Many of these trusts employ workers some hold estate assets for minors. In other countries Iike Switzerland income can be shared between spouses with children to be able to retain more income to support the family and their children. What some call unfair, might not be so.
@tax_oz@ALeighMP The top 10% of income earners pay 50% of income tax revenue. The Hon Dr is in the top 3% of income earners. Just because half of the trust income recipients earn over 150k that is not a reason to call it unfair. The top 1% pay an average of 420k in tax/year