Why young Australians are getting screwed by tax
The tax system is screwing young Australians. Tax unfairly hits young Australians, making it harder to get a job and buy a house.
Tax unfairly hits young Australians
Nearly three quarters of Federal taxation comes from income tax. Income tax is paid by workers, particularly younger Aussies. Today, there are 4 working Australians to every retiree. By 2055, it is projected to be 2.7. Opposing income tax cuts means hitting younger Australians even more unfairly while the established get off largely tax free.
Uncompetitive taxes reduce job creation
Investors consider tax when making decisions. Australia’s company tax rates are uncompetitive compared with countries like Singapore (17 per cent), the UK (19 per cent) and the US (21 per cent). Opposing company tax cuts means less investment creating fewer jobs.
Bad taxes increase house prices
Stamp duty before buying a house adds costs stopping people from downsizing. Capital gains tax at sale applies at a person’s income tax rate (with a discount), encouraging people not to sell until their income is low: when they retire. If Bill Shorten introduces restrictions on dividend imputation credits wealthy investors will move money out of shares and into property, making houses even more expensive.
The solution: Support tax reform that shares the load across all Aussies, not just younger Australians so you can get a job and buy a house. Sign up for updates here: