Australia has ‘maxed out’ personal income tax and should reintroduce carbon and mining taxes to fix the federal budget, the former competition watchdog chairman says.
Australia has “maxed out” potential revenue from income tax and should reintroduce carbon and mining taxes to fix the federal budget,Arguing the nation needs to collect more tax to pay off debt and fund essential services – including paying teachers, health and aged care workers more – Mr Sims will tell a summit at Parliament House on Thursday that changes to transfer pricing rules for multinational companies and a new way to pay for roads are badly needed.
Mr Sims is the former chairman of the Australian Competition and Consumer Commission and was an economic adviser to prime minister Bob Hawke during the reformist 1980s.He will use the speech to a revenue summit organised by progressive think tank The Australia Institute to call for a sensible minerals resource rent tax, which would operate alongside the Petroleum Resource Rent Tax , modified to limit deductions related to carry forward losses.
“Or are we only in favour of this massive change to our way of living provided it is completely painless? No such transition can be painless.” “Drivers would pay more for driving at certain high usage times, and only a minor change in traffic makes a huge difference in traffic congestion, and trucks would pay more because they weigh a lot more and it is weight that largely drives road damage.”
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