Michael Tull

The unity of labour is the hope of the world.

[Michael Tull @Michtull]

@DCash64939 @David_McMahon75 Why should someone who’s invested heavily in their skills (think hecs debt, udating qualms, lots of time at work) pay a 47% tax rate while an inherited property portfolio in a trust pays much less.

[Michael Tull @Michtull]

@DCash64939 @David_McMahon75 Savings aren’t taxed. Income is taxed.
The tax rates is not punitive.
You know who actually has punitive EMTR’s? People moving from social security into work…we still expect people to do this despite a 90% emtr…while investors squeal about a 30% min rate

[Michael Tull @Michtull]

@duudcom @linzcom Not directly but that wasn’t my point …which was that lots of wealthy types are threatening their $ out of australia…when in fact through the use of tax havens they ready have.
We need to even up the tax system …lighten the taxes on wages and bump up the taxes on capital.

[Michael Tull @Michtull]

@DCash64939 @David_McMahon75 The solution to what? There’s actually a global arms race on skills and education…the more highly skilled a nations workforce is the more successful it will be. But we provide tax incentives for passive investments…time we reined that in & used the $ to cut tax for workers.

[Michael Tull @Michtull]

@David_McMahon75 The fact is workers invest too…a big hecs debt, constant upskilling, time at work…these are investments in human capital. It irks me to see people line you undervalue or demand this….when in fact it’s critical to our current and future national prosperity.

[Michael Tull @Michtull]

@David_McMahon75 The idea that “aspiration = investing” & non investors aren’t aspirational pervades your commentary. It’s nonsense & bad economics. We need more people to invest in their skills. Our future prosperity depends on a high skill workforce, not tax incentives for share traders.

[Michael Tull @Michtull]

@David_McMahon75 The cgt & neg gearing tax concessions for the top 10% wealthiest people has a budget cost of around $22b pa.
It’s entirely reasonable that people are questioning whether this is a good use of public money…ie it’s
- 2x the higher education budget
- 25x the PBS budget

[Michael Tull @Michtull]

@TaxPawspective @Totally4yeah @RobToThheOz I’m in favour of fixing the problems we have with the system right now eg
- capital income taxed lower than wages
- incentives for unproductive investments
- housing affordability
- encourage human capital investment,
&
- having a system that is sustainable into the future
-

[Michael Tull @Michtull]

@TaxPawspective @Totally4yeah @RobToThheOz Did you not read the bit where I said we don’t tax inheritances?

[Michael Tull @Michtull]

@TaxPawspective @Totally4yeah @RobToThheOz Nah I like the 30% minimum. We need a floor to stop the decades old games rich folks have been playing to shift their $ around so they pay bugger all tax, while wage & salary earners stump up their tax every fortnight.
Pretending the tax system doesn’t favour the wealthy is daft

[Michael Tull @Michtull]

@TaxPawspective @Totally4yeah @RobToThheOz Around $100b in assets are inherited each year…not including the family home. It’s a huge amount and will grow rapidly as rich boomers pass on their wealth.
The Productivity Commission has a detailed report you could read https://t.co/sYhTuwgped

[Michael Tull @Michtull]

@TaxPawspective @Totally4yeah @RobToThheOz We don’t tax the inheritance. We tax the income. A fair tax rate would be:
- aligned to marginal rate paid by worker on similar income (horizontal equity), &
- with a minimum rate applied to limit the ability for artificially reducing tax.
Above all a tax system must be fair.

[Michael Tull @Michtull]

@SwingRequired @David_McMahon75 It must be their primary motivation for sure… I never see them do examples about the $100b in assets that are inherited each year.

[Kym Brown @KymBrown67]

@PaulineHansonOz

[Michael Tull @Michtull]

@Timberwolf_1 @RizviAbul Out of interest, what do one nation supporters think ‘foreigners’ should be allowed to invest in?

[Michael Tull @Michtull]

@Trowy4 @SimonCotter62 You’ve used all your economic knowledge and most of your vocab in one sentence…congrats dude.
Next time maybe try an argument & some evidence.

[Michael Tull @Michtull]

@Trowy4 @SimonCotter62 Tax concessions have the same budgetary impact as social security and exactly the same impact on your bank account…it’s a payment to you …and other tax payers fund it. Time 4 you to get off the middle class welfare and stand on your own 2 feet

[Stephen Spencer @sspencer_63]

Would the people who run Pauline Hanson’s Facebook page from the Philippines and the USA be allowed to buy property in Australia under a One Nation Government?