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Australian Treasurer, Joe Hockey, describes his tax system as 'compromised'

Australian Treasurer, Joe Hockey, describes his tax system as 'compromised' | Finance | Scoop.it

"Whilst income tax is by far our largest form of revenue, just ten per cent of the population pays nearly two thirds of all income tax. In fact, just two per cent of taxpayers pay more than a quarter of all income tax.


Via Chris Bale
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Chris Bale's curator insight, June 19, 2014 10:58 AM

Quoted below is a section from Joe Hockey's speech to the Sydney Institute. 


"Whilst income tax is by far our largest form of revenue, just ten per cent of the population pays nearly two thirds of all income tax. In fact, just two per cent of taxpayers pay more than a quarter of all income tax.


Maybe these taxpayers would argue that the tax system is already unfair.


Company tax is our second largest source of revenue. Less than one per cent of companies pay 62 per cent of all company tax. In fact just 12 companies in Australia pay one third of all company tax.


These companies constantly argue that our tax system is unfair because our tax base is vulnerable to increasing global competition with significantly lower rates in the United Kingdom (21%), Singapore (17%) and Hong Kong (16.5%).


Our tax base is facing significant headwinds and that is why the Prime Minister promised at the last election to deliver a taxation white paper after widespread community consultation.


So with a compromised taxation system we must deal with the pressures on our spending programs….and they are growing."


Click through to see the full speech as reported by the Sydney Morning Herald

louise li's curator insight, June 20, 2014 1:55 PM

Interesting commentary on Australia's tax system with aims of a just and fair society which never leaves anyone behind yet does not seek to penalise those who aspire to be better.



Read more: http://www.smh.com.au/national/treasurer-joe-hockeys-address-to-the-sydney-institute-20140612-zs5ok.html#ixzz35Cei5ZIi

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Moldenhauer & Associates Presents Financial Planning Seminar for Indian ... - MarketWatch

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The largest gathering of FP&A professionals offering unique insight into the innovations that are driving success in their companies.
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Walmart, Sysco, Sprint, TIAA-CREF & more confirmed to speak at the #FPAEAST Summit!

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Goldman Sachs legal-loss reserves may be $4 billion short: CFO

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MIT Sloan Finance Blog - MIT Sloan School of Management

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Obama: U.S. must stop “jihadists” in Iraq and Syria, and finance and ...

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FP&A Innovation

FP&A Innovation | Finance | Scoop.it

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