I'm starting to get nervous - every so often we hear of hints being leaked about the work King Henry is doing on Tax reform (typical KRudd spin)
So far, its seems to be about giving the States additional revenue. This is worrying particularly as they have been excessive & irresponsible in their spending since....maybe when the GST was introduced.
Past tax reviews have been about spreading the burden & reducing the overall tax take through lower Government spending. This current tax review is beginning to sound more like a revenue raising exercise to fund a Socialist program? - I hope not.
So what have we got so far?
Capital gains on owner occupied housing > 2m
State income tax
Superannuation in for another tinkering
Federal resource tax to replace royalties