Oxfam Australia has called on the government to introduce a Wealth Tax on the 47 Billionaires in Australia who have been revealed to be earning on average $67K per hour. 47 Billionaires vs 26+million non-Billionaires in Australia, whose side is govt on? #TaxThe47 - ThreadSky

strangerous.bsky.social • 59 days ago

Oxfam Australia has called on the government to introduce a Wealth Tax on the 47 Billionaires in Australia who have been revealed to be earning on average $67K per hour.
47 Billionaires vs 26+million non-Billionaires in Australia, whose side is govt on? #TaxThe47

Comments

ericbanana.bsky.social•59 days ago

Yup … we need to do it.

pauline99.bsky.social•59 days ago

Great idea. Will anyone be bold enough to do it ?

prismatic7.bsky.social•59 days ago

We all know the answer to that question...

andrewlissiman.bsky.social•59 days ago

Will millionaire Peter Dutton enact a wealth tax 🤔

..not in a million years 😕

gaileastcoaster.bsky.social•59 days ago

$67k per hour. Worth repeating. Needs more than a few seconds’ attention.

Sixty seven thousand dollars per HOUR.

electricrabbit.bsky.social•59 days ago

Let's say they're earning $67K/hr (and assume that's on a 38 hour work week).

Now let's tax that at 75%, and see what they clear in a year .... , oooh, look poor dears, only $6,619,600.

Mustn't drive them into poverty...

noticingclimate.bsky.social•59 days ago

Whose side indeed?

tomcarey.bsky.social•59 days ago

Tax em out of existence. No one needs a billion dollars

quoththecraven.bsky.social•59 days ago

What if all billionaires were force fed a banana for every million dollars that they owned? Perhaps then they'd be inclined to pay taxes, donate to and build charitable causes. ...OK, I'll compromise. One banana for every ten million.

axiomatixx.bsky.social•59 days ago

Great idea, but invariably they would simply move domicile for tax purposes, if, they declared any in the first place, or rejig the company struggling. They are leaches. Jamie Packer & partner got a first home buyers grant....they barely have personal income.

50lbperinch.bsky.social•59 days ago

Changing tax residence can be a very expensive exercise as it can trigger CGT on exit, and other attempts to restructure also generally have tax consequences.

The Packer first home grant sounds like an urban myth.

axiomatixx.bsky.social•59 days ago

It sure can, there does seem to be a glass ceiling of wealth, or perhaps just greed that those with only a paltry handfull of mill can't seem to access. Clive Palmer has over 100 private companies. I read about the Packers in msm, and it was never denied to my knowledge. 1st personal residence iirc.

50lbperinch.bsky.social•59 days ago

It's a fact that the more you earn, the higher your marginal tax rate, the more benefit in tax effective structures, but the number of companies you own doesn't really impact wealth that would be assessed to wealth tax - the value of those companies would be included in "wealth"

50lbperinch.bsky.social•59 days ago

In Clives case particularly, he likes multiple companies to avoid paying employees and creditors when he liquidates one, tax avoidance isn't necessarily his main aim.

50lbperinch.bsky.social•59 days ago

There's always been a modest home value threshold for first home buyers grant, and i doubt James Packer has ever lived in a home below that threshold. Not every msm article is correct.