Thursday, August 26, 2010

On taxes.


The rich do not pay tax because they can use all sorts of dodges. Tax is generally paid by higher earning wage earners.
GST does catch the tax avoiders in the tax net to some extent. Broadening the tax base.
Some things need to happen for a fairer tax system.
Capital gains tax.
Transaction taxes.
Currency speculation taxes. Needs other countries to implement at the same time to work.
45% on really high incomes. Over $150k.
Get rid of trusts and other dodges.
Except for taxes on high wage earners are all means of broadening the tax base.

For income taxes I would like to see Gareth Morgans idea of a universal individual minimum income administered through IRD replacing benefits. The main advantage is reducing administration costs, but it also removes the need to go and beg to WINZ for a benefit.

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