President Trump released details of his tax plan, which would essentially benefit the wealthiest Americans by repealing the estate tax and other changes at the expense of the middle class.
The administration wants to cut the tax rate on so-called pass-through entities, which is likely to lead to creative tax planning and outright evasion, damaging faith in the system.
Workers are getting ABNs and being employed as contractors responsible for their own tax payments. This is undercutting conditions and eroding the most important part of the nation’s tax base.
Despite its name, cryptocurrency isn’t just money. It could also be debt or equity and so it should be regulated and taxed in the same way as other finance.
Kevin Davis, Australian Centre for Financial Studies
Applying the GST to banking has much sounder economic underpinnings than the current levy, would have raised much more revenue, and would have applied to all banks rather than just the big banks.
Dublin’s role in global business is threatened by Trump’s tax plans, so the opportunity presented by Britain’s EU exit will have to be snatched with both hands.
The AiGroup’s Innes Willox’s statement that Australia has “one of the highest progressive tax rates in the developed world”. We asked the AiGroup for sources to support his statement.