DEATH and TAXES – Part III – the Carbon Tax Detail – Why is the devil always in the detail.

Title: DEATH and TAXES – Part III – the Carbon Tax Detail – Why is the devil always in the detail. By: Herman O’Hermitage

So far so good. A very good spin, by the PM, Deputy PM, and Minister for Climate Change and Energy Efficiency. Adequately backed up by Bob Brown, the independents and other cronies and naturally wholly opposed by Mr Abbott and his opposition (the negatives). The tripling of the tax free thresh hold was the first shock, but then increasing marginal tax rates thereafter, so that everyone on a taxable income of less than $80,000 pa will benefit, hang on what does that have to do with carbon emissions? With the NSW Labor party facing their first party conference after the election disaster of March this weekend, yesterday the PM was called upon to speak. In as much might she was forced to reflect on what the opinion polls are trying to tell her. Bob Brown was questioned about the mining royalty tax and he answered to the effect of “This is a Labor government and they are calling the shots”. What about the entire Henry review? I have mentioned previously how the ATO wants to reduce the resources allocated to processing small tax returns. It is totally wasting resources to spend so much time on such a large volume of taxpayers for such little revenue, so where the tax free thresh hold could have been lifted by 50-60% to effect a transfer of wealth to lower incomes to compensate for the Carbon tax impost (or all incomes except for social security recipients) why stop there we can turn the carbon tax debate into one of total tax reform. Over the long winter break in Federal parliament it is now up to the media to take up the debate. The Carbon tax is clearly targeted at the 500 heaviest polluters of carbon emissions. (Private cars and rural industries (beef and lamb) are to be left untouched). Households are to be compensated through wholesale tax reform. New government agencies are to address efficiencies. Tax income neutral, bla blah. Jobs creation bla blah. New Capital investment…… What is on the other channel? ________________________________ Herman …