The AGE argues that most Australians would support the notion of fairness and we should all contribute our fair share.
According to the AGE, the survey by Melbourne-based policy research organisation Per Capita indicates that while most Australians feel they are not being overtaxed, they think high income earners and companies do not pay their fair share of tax.
The AGE explains that economic policies which are disproportionately beneficial to the rich include superannuation rules, tax concessions on speculation on property and other investments and family trusts. The paper recently showed family trusts become a massive engine of tax minimisation.
It also says that research organisation McCrindle recently studied Australian Bureau of Statistics data on 2 million households and found the average wealth of the top 20 per cent was 71 times greater than that of the bottom 20 per cent. The paper points out that some policies which are skewed to higher income earners have contributed to the inequality.
The Australia Institute has estimated that the cumulative cost of income tax cuts introduced since 2005 are about $170 billion, with the top 10% of income earners receiving more of that $170 billion than the bottom 80% combined.
We all benefit from the things funded by taxation, including schools, law enforcement, defence, hospitals and infrastructure.
The AGE says most Australians would claim to support the notion of fairness and we should all contribute our fair share.
