Can you fix the economy? The 'productive' should make the decisions
We asked you how to fix the economy and were flooded with responses. We'll be running these in the coming days. To contribute to the debate hit the green button below.
OPINION: Unless its backdated 10 years - something I would absolutely support - a capital gains tax would be ineffective, as the boom has already passed.
Instead, a property tax should be levied on all investment properties, to favour greater home ownership. People who own more than one home are exactly the type of 'wealthy' that should be paying extra tax.
All interest on student loans should be fully refunded. I paid for my education twice over (double-digit interest from the date of draw down to the final payment), while the golden oldies got theirs for free, and this is why I don't own property, and will never be able to afford to.
We need universal childcare, or equivalently, tax-breaks based on how many kids you have. I have four kids, get nothing from Working For Families and get taxed in the top tax bracket. Golden oldies enjoyed universal childcare, and could even draw it down in advance to buy a home. Now they tend to own several homes, while highly productive people like me own none.
It's difficult to pay rents that are artificially high, having to compete with so many people with Government-subsidised rents, i.e. accommodation supplements and Working For Families.
We need to switch the focus to greater supply of homes, including kicking people from social housing when their circumstances change (I don't enjoy any such stability, despite paying top dollar).
There needs to be heavy taxes levied on empty sections, which are tied up by land-banking speculators, and re-establishment of squatters laws for empty houses, or a similar tax levied to encourage them to be rented out (10 per cent of Australian houses are empty).
Anyone on a pension needs to fully pay for any medical treatments. They have already paid negative tax their whole life.
We should only count the votes of people who paid a positive amount of tax (less any cash benefits), and preferably weight them by that amount. This would skew the decision making in favour of productive, intelligent people, leading to much better outcomes for the nation as a whole.
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