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Lower taxes & 15% GST on everything
Written by Les Fawkes   
Wednesday, 17 June 2015
- consumption taxes are more efficient

Queensland senator James McGrath has called for a new modernised tax system that includes lower income taxes and a 15% GST on everything.

Senator McGrath described Australia’s tax system as old-fashioned and over-reliant on the taxing of incomes.

“Personal income tax – especially one with high marginal rates like in Australia – is less than ideal economically,” Senator McGrath said.
Sen. James McGrath

“It discourages people from working and earning more, and has a greater effect on decision-making than a consumption tax.”

“We should follow the lead of our Kiwi cousins: broaden the GST to everything and increase its rate to 15% as consumption taxes like the GST are amongst the most efficient taxes at our disposal,” Senator McGrath said.

“Accompanying income tax cuts and increased income support for pensioners and others can more than cover concerns about equity for low income earners.”

“But we should go further and once again share the income tax base with the states and territories in exchange for a further reduction in Commonwealth income tax rates and the elimination of tied grants and other specific-purpose payments,” he explained.

“States should be able to set income taxes and should be accountable for the monies raised and the monies spent.”    Then Senator McGrath added Payroll Tax should also get “the chop” in any reforms, the effect of payroll tax is less jobs, lower wages and higher prices – a disastrous troika for our economy.”

He suggested the reforms should be taken to the next election and it’s important that the Liberal National Party takes to the next election a platform of reforms that deliver lower taxes.

“In keeping with the spirit of the Magna Carta, it is only with the peoples’ consent that governments have the right to impose tax, and so any change should have a mandate from the people.”

He finished his speech, saying:   “Low taxes are good for you.    The time has come for my party and my government to lower taxes, as lowering taxes never hurts anyone; a low tax economy will help Australia and will help Australians.”
Last Updated ( Wednesday, 17 June 2015 )
 
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