There are at least three achievable ways to alleviate the intergenerational inequities in the tax system to take pressure off workers and not harm economic growth.
. These are the same “poor buggers” inheriting a mountain of federal and state government debt from the pandemic, struggling to afford a home, paying off university fees and facing the consequences of climate change and the energy transition.
Some Teal MPs who rallied against the unfairness of the tax cuts favouring high-income earners – which largely return bracket creep – now seem like converts. More credibly, they want to explore using other tax bases such as the GST and capital gains tax to take pressure off the income tax workhorse. Then there are at least three achievable ways to alleviate the intergenerational inequities in the tax-transfer system to take pressure off income tax and not harm economic growth.tax-free superannuation earnings in retirementEarnings tax concessions on super will rise by about $12 billion to $37 billion a year in today’s dollars, or to 1.5 per cent of GDP, in the 2060s.
Currently, a retiree couple with $3 million in super is likely to pay less income tax on a $200,000 return each year than a couple with kids earning $100,000 between them.So too did the head of the Morrison government’s retirement income review, Mike Callaghan. A back-of-the-envelope estimate suggests it would save the budget between $3 billion and $5 billion a year.The quid pro-quo for this tax increase would be to redeploy some of the extra revenue to income tax cuts to flatten the rates and return future bracket creep.
This could be phased for homes worth, say, more than $2 million, or perhaps $3 million given even modest homes in Sydney can easily hit this price mark.
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