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Which tax package is better for you in the long term?



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Press Release

 

National Tax & Accountants' Association

Level 14, 499 St Kilda Road, Melbourne

 

Which tax package is better for

you in the long term?

 

While all media commentators have concentrated so far on the ‘immediate’ weekly savings of Labor’s, com pared to the Coalition’s tax packages, it is equally, if not much more important for every taxpayer to know where they will stand in the next 10 years according to Ray Regan, President of die National Tax & Accountants’ Association.

 

The bottom line is under John Howard’s 10% GST tax all full time adult workers will end up being double taxed. That is, over the next decade they mill have to pay both the top marginal rate of 48.5%, plus a 10% GST tax, which rate will increase up to 12.5%, then 15% etc.

 

Ray Regan states, “While taxpayers earning $50,000 or more a year may justifiably feel like a loser under Kim Beazley’s tax policy this morning, they are not aware of one very important point. That being, every taxpayer earning $50,000 from July 1, 2000. (ie, being the full time adult salary as confirmed by the Coalition on page 39 of their Tax Reform document), will within 10 years not only be paying 48.5%, when their salary rises to $75,000, but also be paying a 10% GST, that is assuming the GST rate hasn't gown to at least 12.5%, as expected.”

 

Sadly, the public simply isn’t being told the truth by John Howard about the ‘real cost’ of a GST on their food, clothing, rent and the essential necessities of life. It’s interesting to note that throughout the Coalition’s GST campaign they haven’t been able to produce one person from any country which has introduced a VAT/GST that supports it.

 

Ray Regan states, “The reason being, that every taxpayer has hated a VAT/GST, from the first day after it has been introduced as it immediately negatively impacts and reduces their families quality of life.

 

Ray Regan, President

Mobile. 0418 320 751

Tel. 03 9866 3733   Fax: 03 9866 3072

 

 

 

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