Home > General > Mr Costello and budget surpluses

Mr Costello and budget surpluses

This Government may boast about huge budget surpluses, but at whose expense are they achieved. The highest taxed section of the community are definitely the part-pensioners, who pay often 30% tax on top of 40% loss of pension above an income of $15241.00 single or $25771.00 for a couple, added up equals a tax equivalent to 70%, and no matter how one looks at it, it is still a tax.

The Government pays some $18 billion to some 1.85million pensioners and 78% of people over 65 are paid some pension. Now if the full pension would be paid to every person over 65, the cost of the pension would go up to $ 26 billion, and some of that would be paid back in taxes and the Government would also save on administration cost.

The cost of concessions on super contribution will cost the Government $15.6 billion for 2006/07 (Fin.Review 15-16.Oct.2005 Perspective), now would it not be more sensible and cheaper to pay everybody the full age-pension and abolish any tax-concessions, as they only favour the very rich.
Some $900 million comes into Australia each year from overseas countries in the form of pensions for immigrants who worked for a certain time prior to migrating to Australia and the Australian Government takes $0.70 from every dollar so that other countries subsidize the Australian Government to the tune of some $600 million.

I’am waiting for a response from Mr.Costello.

VN:F [1.9.22_1171]
Rating: 0.0/10 (0 votes cast)
VN:F [1.9.22_1171]
Rating: 0 (from 0 votes)
Categories: General Tags:
  1. No comments yet.
  1. No trackbacks yet.