You should’ve used a politician as an example for top tier tax bracket instead of a barrister. That way the public will realise that politicians are giving themselves the best bang for their buck 🤫
Barristers generally make way more than $200K and do you really think they don't use tax minimising structures? Have you ever met a lawyer?? Also not indexing tax brackets is just borderline theft.
lets dont forgot GST, fuel exercise, stamp duty on houses and insurance, council rates, medicare levy; more doctors wont bulk bill thus paying a gap, HECS; extra tax on higher education!
all those taxes and duties he mentioned above are all indexed to inflation except medicare rebates & GST, which means they all go up with inflation/CPI as well as the weekly bills@@MrHuddo
The Tax brackets particularly the 45% tax is ridiculous! If you are on the high income bracket, you pay more tax, more for childcare, more for medicare levy more more more everywhere and are literally left with nothing! As if being on a high income is a criminal offence! Looks like its the responsibility of high income earners to support the lower income earners in Aus!
Lower income people don't see your tax money in their pockets, how ignorant to think that! Your money goes towards me, a nurse who looks after the retired elderly which will be you soon! It's used for roads, sport parks, waste management, parks, welfare for the disabled which could be you one day ECT....tax is so you can have a nice neighbourhood and community. It's a bit ignorant to say your money is going to the lower class when you are benefiting from having a nice neighbourhood, do you think poor people give a F about having nice infrastructure and a nice neighbourhood, no they don't, rich people do though! Yes, lots of poor people are abusing the welfare system and that need to be stamped out. Many lower income people are PhD students try to progress humanity and technology so you can be rich. But I believe higher income people should not be taxed nearly 40 percent, that's ridiculous! But most of your taxes are not wasted on poor people.
Misleading - why not also show how much the Barrister is already paying in tax compared to the Barista? You can’t save on something which you don’t pay to begin with.
So Raymond because a job gets paid less and pays less tax the other person who gets more should pay more tax to even ut out a little. Because you get paid more doesn't make your job more important. We had for many had a very progressive tax system that has been attacked and dismantled!!! Little coincidence it co insides with the growth of wealth inequality in this country!!!
@@AussieZeKieL cut abc funding. The liberals already did that and for idiligical reasons as well! It didn't work as the abc is a highly trusted source of information seen by the public...something 7,9,10 and especially sky/ news corporation wish they could have half off!! As for the politicians I agree they need to do better!!!
to show a fair comparison you should also have shown how much tax in $ each person will pay. the fact is the top 10% of income earners pay multiple times the amount of tax paid by lower income earners. they pay most of the taxes collected thats why the tax saving is higher.
@@paulfitz6614 yes and they are already well supported by not paying tax. 40% of Aussies pay no net tax. But it's still not enough for the so call low to middle income earners. It's always a sense of entitlement and a case of what have you done for me lately. But I'm all years to hear how you justify it. In my book everyone should pay 30% tax. Period. Everyone should contribute towards the government you earn more you pay more you earn less you pay less but you still contribute instead of just leeching off society and expecting handouts. Only then will everyone hold politicians account able for wasteful spending and programs. It's different when the govt is reaching into your pocket to pay for promises. It sharpens the mind and you become much more critical about whether it is worth it and is a fair thing to do.
The differnce is of course is income inequality & the basic cost of living eats away at lower income earners much more than high income earners. i.e. a high income earner can afford several homes, put food on the table, medical, send their kids to school, & a fancy accountant so they pay zero business tax & an offshore account. On the other hand low income earners can afford NONE of those things & are living out of the boot of their cars. Sorry to burst your bubble but being poor isn't "cool". However if you want to increase crime rates & start a riot because the poor are fighting to survive, you're welcome!
@@PeterKnagge on the contrary, it is actually the rich that lose the most from inflation because the purchasing power of the assets they own is devalued significantly whereas low income earners or those with no assets have nothing to lose. I think you forget that minimum wage and newstsrt has been going up massively 6-8% PA for the last few years under labor. No way others on higher incomes are getting those kinds of increases and they Lost get to keep all that extra income because they don't pay tax. Not so for higher income earners who get their wages garnished by 30-50c in the dollar when they get a pay rise to offset the cost of living.
@@TheMightyAbs here you go, it's the world's smallest violin. 1%er stonks gambling addicted spending everyone else's money pretending to be rich while slowly going broke. The counterfeit. Here's a better idea, the rich stop hiding other people's money in offshore tax havens & pay their fair share of tax!
Just watched the 9 News morning show analysis and I am not kidding, they said "People earning $200,000 a year have it harder than people earning $150,000 per year". I am not kidding. This country man, what the hell.
Yes they do. People earning lower than 150 receive benefits such as better medicare and childcare subsidies. There is this place in tax bracket that sucks and thats being between 150 and low 200
Does a barista stay a barista? The law student can be a barista, only later to become the barrister. The people in certain low paying jobs isn't static, it’s more complicated. Further the barrister will use tax strategies to lower income, so just focusing on tax brackets isn't a representative nor comprehensive analysis for direct comparisons ... it's just general/surface level stuff.
Why dont you also show how much tax each individual is paying? Pls dont peddle your narrative. A barista on $45 k pays $6 k as tax. A teacher on $98k pays $24.5k ish as tax. A barrister on $200k pays $64 k as tax. If you pay so little you receive little as well.
@@ken-wj3jd I am a hardworking Australian who pays his fair share of tax and is questioning the narrative being spun by ABC where they conveniently don't mention the high amount of tax being paid by the individual but keep all focus on the tax return only so that it suits their narrative. Also, you're free to work for $2 if it suits you..👍
This is a fraud. You also must look at who is consuming Government offerings. The code change will entice people to do more than simply pour coffee for a living and seek a better career.
Thanks for sharing how tax brackets work, but one equation you failed to even show is the amount of tax each individual currently pays, your reporting only focused on tax savings. How about a true balanced approached to journalistic report on this topic.
Exactly. It's almost like they are obfuscating to push an agenda of creating outrage so they reverse the changes to be more beneficial to the wealthy again... Like the goblins running the network. But thats probably just a coincidence.
Are people saying that it is a bad thing if the higher income earners save more money? They are paying more tax than lower income earners so with these tax cuts they will naturally save more too.
So over the next 10 years a high income earner is going to make another 90k, combine this with the fact that high income earners already get bigger pay rises (As someone above 200k, my income has grown over 100k in the past 5 years). High income earners don't need government support, the extra $10k a year isn't going to be as noticeable to me as what it will be to someone earning less. We need to stop making it easier for rich people to get richer buy taking from poor people, it's like negative gearing it's not helping your parents or grandparents like it's helping the rich, it's been recommended to me as an option to reduce taxes while making more money.
@@lukesb3025 just someone typing on a phone without caring about spelling or grammar in a youtube comment. Even though English is my first language, I'm still terrible at writing it quickly, not quiet dyslexia but similar stumbles. However it doesn't impact my ability to make money, for anything which might be shared widely professionally I'll proof read it, for an off the cuff yt comment it's not happening. I might have been classed as a battler once, but I would not say so at the moment.
Australia is over reliant on personal tax, why would people want to work harder if they know they are getting taxed closed to 50%? How do you increase Thé productivity this way ? The best way forward is increase the spending tax or gst and make sure that covers everything, not only some things like it is now and also lower personal tax rates at the same time.
The top 10 highest taxing countries have top earner tax rates at 55-80%, and historically there have been much higher levels. 45% off the cream at the top here is OVERLY GENEROUS. Anyway let’s all rally behind properly taxing mega rich corporations, which (regardless of “personal” wealth) I’m sure we can all agree is a HUUUUGE rort. Let’s not let them get away with it, nor the politicians allowing it. Here’s just SOME of the worst offenders in 2023: ExxonMobile Australia, Toll Holdings, Virgin Australia, Qantas, Santos, Vodafone, BG (Shell), Yancoal, Peabody (coal companies), News Australia Holdings.
I’ve heard this conversation somewhere before. Ah yes. Of course. Shrek. Shrek: For your information, there's a lot more to Tax Cuts than people think. Donkey: Example? Shrek: Example... uh... Tax Cuts are like onions! [holds up an onion, which Donkey sniffs] Donkey: They stink? Shrek: Yes... No! Donkey: Oh, they make you cry? Shrek: No! Donkey: Oh, you leave 'em out in the sun, they get all brown, start sproutin' little white hairs... Shrek: [peels an onion] NO! Layers. Onions have layers. Tax Cuts have layers... You get it? We both have layers. [walks off] Donkey: Oh, you both have LAYERS. Oh. You know, not everybody like onions. CAKE! Everybody loves cake! Cakes have layers! Shrek: I don't care what everyone likes! Tax Cuts are not like cakes. Donkey: You know what ELSE everybody likes? Laminations! Have you ever met a person, you say, "Let's get some Laminations," they say, "Hell no, I don't like no Laminations."? Laminations are delicious! Shrek: NO! You dense, irritating, miniature beast of burden! Tax Cuts are like onions! End of story! Bye-bye! See ya later. Donkey: Laminations may be the most delicious thing on the whole damn planet!
I am so glad I left nursing last year because that industry was already struggling without adequate resources, I couldn't imagine what it is going to look like with even less funding. They were already cutting the physician wage over the years and many Doctors are questioning if the job is worth the risk for the pay, I don't blame them. The stress of Nursing is not worth the lack of resources and low pay.
Utter disgrace giving the low in come of $135 a year when 2 baskets at coles cost $100 how can one live.This is to all you sheep out there vote with your eyes closed.What is so lucky about Australia when people are living hand to mouth and every left or right turn you take you need to take your wallet out and say tooooo expensive to travel whit-in Australia that’s why people travel overseas. Issue more drivers licence to the people who can’t drive and another rego fee add to the government and a money spin, corrupt
@@AussieZeKieL thats what the barristers doing. Take into account the compound affect on super and the gap will be monumental. And the little ol barrister will be funding luxury retirement of the middle an upper, while continuing to work to and paying his rent... to a middle and upper.
The top bracket in the US is 37% and starts at US$578,000 for a single person or AU$ 873,000. Other US brackets in Aust dollars AU$16.5k @12%, AU$67.5k @22%, AU$143k @24%, AU$273k @32%, AU$347k @35%. We think they are too high.
Hey John. America s golden period was from the 50s to 80s. Would you agree??? You know that the average tax rate for top earners in this time was over 70 percent??? Since the 80s the US has been in decline as the tax revenue has decreased to 37 percent now!!! Coincidence. .me thinks not!!!
And the US is over $30 Trillion in debt and going up thanks to the debt ceiling deal. As if borrowing more and more money to pay for servicing this debt and paying ongoing expenses is going to end well.
Only the ABC would educate people on fairness by focussing on the $ the 45k income earner gets instead of analysis on % and actual $ of tax paid by each group after the changes. The fundamental economic benefits of lowering tax for middle and higher incomes also not discussed. Very typical.
I’m for the tax cut and I was thinking this is actually the first honest review of the tax cuts I’ve seen. Only if you watch til the end though. You make a good point though, they should have said how much tax each person pays. It’s wrong to look at the tax cuts as a handout. It’s us keeping more of what we earn.
Poor barristers doing it tough 🙄 Its not like the tax system is setup for them to pay FA after claiming deductions, on investments they have the disposable income to buy. How about adding into this video the compound affect on investments?
@@NathanCroucher I don't think I mentioned barristers or what they should be taxed. Unless you don't want any meaningful and objective analysis from your national broadcaster, would you prefer political opinions?
@@CR-pr4sd Actually i dont know what your talking about... At least my comment made sense. I thought you where having a go at the abc for there "fairness" to bottom income earners via the lack of detail. So i came back with what the ABC didnt say about high income earners. "The fundamental economic benefits of lowering tax for middle and higher incomes" Are you veering towards piss on economics? "would you prefer political opinions?" Id prefer no structural deficit, which is what the majority is voting for.
@@NathanCroucher lol 😂 my comment was about the ABCs lack of analysis. You went straight to answering the top earners use deductions. You are insinuating they don't need any more tax back before we have a conversation about total tax and % of tax. Sounds like your mind is already made up, almost like you have a political opinion here 🤔. But I'm off topic on my own comment. Good one 👍
The animation at 5:20 is an extremely poor representation of the narration, and the actual situation. For a production by “video lab”, I’d hope for a more factual representation.
There’s a reason u r a low income earner. Maybe u should be asking how I can increase productivity so I can move up on the income scale, isn’t that what rba want?
I have one solid reason to vote for Labour every time and that is they have changed the migration system and allowed well deserving candidates the opportunity to settled in Australia. Compared to Scott Morrison his was party just used to temporary residents for their benefits and never thought of helping them. So until n unless Labour isnt making huge blunders which would cost in future for my kids, Im sticking with them.
Taken from the Australian Broadcasting Corporation wikipedia page: In fiscal year 2016-17, the ABC received A$861 million in federal funding, which increased to $865 million per year from 2017 to 2018 to 2018-19, representing a cut in funding of $43 million over three years when accounting for inflation. In 2019-20, the federal budget forecast funding of $3.2 billion over three years ($1.06 billion per year) for the ABC. The Enhanced Newsgathering Fund, a specialised fund for regional and outer-suburban news gathering set up in 2013 by the Gillard government, currently sits at $44 million over three years, a reduction of $28 million per year since the 2016 Australian federal election. This came after speculation that the fund would be removed, to which ABC Acting managing director David Anderson wrote to Communications Minister Mitch Fifield expressing concerns. However, despite the cuts made by Prime Minister Tony Abbott and Communications Minister Malcolm Turnbull and the freeze introduced by Prime Minister Malcolm Turnbull and Communications Minister Mitch Fifield, the ABC itself has published financial data that shows an increase in the taxpayer appropriation to the ABC of 10% in real terms (i.e. above inflation) between 1998 and 2021. The term "where your 8 cents a day goes", coined in the late 1980s during funding negotiations, is often used in reference to the services provided by the ABC. It was estimated that the cost of the ABC per head of population per day was 7.1 cents a day, based on the corporation's 2007-08 "base funding" of A$543 million.
ABC video explaining how your getting screwed, with no tax break like the wealthier will get, along with the tax perks they get. And you attack the ABC for informing you of the situation, madness.
Taken from the Wikipedia pages that you work for.... Out ofThe top 500 companies in Aus 2 out 3 pay little to no tax...that's from profit revenues of billions to trillions... Which Wikipedia page is worse????
Very unfair I think you forget to tell that we are waiting from last 5 years for this last stage cut (without zero benefit from last 5 years) and all other segments got their cuts, now why you are raising this debate?
This video is so provocative.. instead of showing the tax cuts only, put some context. For instance 200k earner will be paying tax more than the barista earns. And the Barista doesnt even pay that much in tax. Changing the topic, this is why negative gearing is so popular because of the bracket creep and hence one of the bjggest reason why we find ourselves in the housing situation. Other countries around the world, already have tax hitting at higher amounts. Ultimately if we had less punshing tax brackets and index the brackets to CPI, I dont think having a investment property is as attractive as it is today. Outlets like this definitely try to divide and anger people with an omission of information (half truths) to paint a picture and a story that is far from the truth.
Could just increase tax free threshold and eve try one will be better off, especially those earning the least. Ideally, income tax wouldn’t exist - it is the worst tax if you want to encourage productivity and hard work. We tax tobacco to discourage smoking, taxing people for working only discourages productive activity.
I'm on 165k as an engineer. Mature age student, and worked my ass off to get where I am today. My wife is part time as we have 3 kids under 5. Even with modest mortgage it is survival at the moment. I understand that the higher earners mathematically benefit more. So what? I worked my ass off and deserve it.
middle income earners deserve this tax cut. i think its very reasonable, however, the high income people, which is now an even smaller percentage of Australia, need to contribute more. the best in my opinion would be to raise high income to 250k and tax that bracket 50-55%. this would even out a lot more. also less lazy immigrants who barely work/contribute to the economy would be a nice change.
How much does a TV presenter in ABC channel earn? The salary is paid directly out of tax payers pockets, just like the beloved politicians. No wonder why you’d be advocating for more tax rather than less. Also are you saying the teacher prefers not to have $1300 in their pocket to avoid higher earner have $9000? The lawyer is already paying tax more than what Barista makes in salary. “To be fair” you should’ve shown how much each of these 3 people are already paying.
Pretty deceitful to express income tax savings as in raw numbers considering the lower income people by definition would pay less tax. A more honest person would have done the analysis comparing the reduction as a percentage from previous years' tax bill at each income level. But i wouldn't expect anything different from the Soviet propaganda machine the abc
Yes. Here’s just SOME of the worst offenders in 2023: ExxonMobile Australia, Toll Holdings, Virgin Australia, Qantas, Santos, Vodafone, BG (Shell), Yancoal, Peabody (coal companies), News Australia Holdings.
The rest of us better learn some actual facts about the mutual respect required for a functioning democratic system of governance. So think about the video and the pure contempt for equity that an actual Representative Democracy requires. Thanks for the Educational advice.
Greetings, our Prime Minister embodies both intellect and courage, deftly navigating the complexities of the current landscape. Australians are grappling with the pressing issue of the cost of living, and the quest for relief is paramount. Adjusting tax cuts to favor the majority emerges as a prudent solution.Amidst our dynamic circumstances, it's crucial to recognize the fluid nature of promises and adapt our approach accordingly. Rather than placing blame on our PM, who is undeniably an Australian hero, let's collectively appreciate the efforts in steering our nation through challenges.For those enjoying incomes exceeding 200k, now is the time to acknowledge your privileges - a stable roof, food security, and financial comfort. Expressing gratitude and extending a helping hand fosters a sense of community. Let's foster fairness, adaptability, and a united front as we navigate the intricacies of our nation.
.With inflation running at a four-decade high, a Recession is now the ‘most likely outcome for the economy. How can I grow my portfolio to outpace inflation and maintain a successful long-term strategy? I have been reading of investors making about $250k profit in this current crashing market, and I need ideas on how to achieve similar profits.
@@JeanpaulCeme Thanks for sharing this.I just looked her up on the web and your advisor looks advanced and experienced. I will write her an e-mail shortly.
The higher tax bracket contribute more in tax than the barista even earns. I'd rather see the tax break go to the teacher than the barista, who could easily change their circumstances by learning a trade.
@@SmilingStaffyLensLanelook at the debt levels. No coming back from where we are now. Everyday we are a step closer to becoming like the USA, bet you like that.
Are you talking about Mr Costello who sold all of our gold reserves for cheap. He was even told to hold onto them for another 6 months as the price was too low. It cost the nation billions!!! Are these two people who oversaw the most selling of assets than any other governments!! Please these two are a huge reason why we are in the position we are in now!!
Channel 7 and Sky News (Murdoch, news aus limited) are tax dodgers. They owe Australia. They are hypocrites. Seven West Media Limited has paid 4% in tax. News Australia Holdings Limited paid 0%. Both have total incomes over 1 billion dollars.
Aus top earned pay 45%. Corporations have a 30% flat rate. Both used to be higher. Many other countries have higher now, and especially in the past. And yet they pay 4% and 0%. THEY ARE STEALING FROM US.
@@SmilingStaffyLensLane Seems like you disagree, but I honestly don't see with which side you disagree with since the video just stated facts for both side of the argument, and you didn't say what the lie was.
@@Adamoo8 ok, which can you actually verify Where can you verify them Why would you trust who that verification is coming from taking into consideration the initial circumstances as they sit internationally at this point and nationally I smell a rat I certainly do not trust the ATO I certainly do not trust the Australian government I certainly do not trust the RBA (considering who put Philp Lowe in his tenure and where most of the information is coming from inadvertently)
Ok cool. We will make sure everyone has a university degree and then....what...you'll still want a coffee in the morning so if everyone has a degree that means the only thing that changes is your barista has 30k in HECS debt
@@milamber319 he does raise a great point. This conversation is saturated in 'fairness' with an emphasis on the poor 45k earner. But what reward does the person who worked hard in high school or uni get? Obviously there are many many other considerations and counter points but you cannot discount his point as incorrect.
@@CR-pr4sd You get a higher wage...even after tax you wages are higher. That's the reward. When we talk about fairness in wages we need to have that discussion in recognition that if a person is paid to do a job that means the job is valuable. We can't just say "hey they need to get a better job" whenever someone is struggling to make ends meet...especially when they ARE working hard and ARE doing something that provides value. So then you ask the question. Moving through this logically. Why is it that the barista, who is providing value for the economy, not making enough to pay a higher tax bracket? If you taxed them at the same rate as someone higher wage that would be fair surely? Except if we took their current wage of 45k and taxed it at the higher rate then that person would probably become destitute as their meager living doesn't allow for much leaway in terms of savings. Ok so lets pay them more so that we can tax them more. Simple enough, if we increase their wage by 10% we can tax them by that amount more and it would all come out even... Except who is paying for that extra wage. it's not the government it's the employer. So the employer has to either wear that extra cost or raise their prices. By this stage it should be clear that the income taxes are not a punishment for being rich. The gov needs money to operate and maintain an economic situation which is conducive to buinsesses making money. And they have to get it from somewhere. You will pay for it either way. Your 200k wage is 200K not because you are worth 200k its because you are worth 135k and the boss is willing to pay 65k in tax to get you. Oh but wait....if the boss is willing to pay 200k to get you SURELY you should get all of that 200k!....you were willing to do it for 135k mate, he was going to pocket the rest if it wasnt taken in tax. And now we reach what is fundamentally true. People don't get paid what they are worth they get paid whatever they are willing to do the job for...and for unskilled workers who have no other choice but do whatever it takes to make a living that means taking below poverty wages if bosses are not forced to pay more...the gov can gather taxes however they they want...they reason we have the brackets isnt so that the rich get punished...its to make sure that exploiting vunerable labour is not as profitable. It is to shape the economy to be more efficient...you arnt even a victim...lowering your taxes just means that the next time you go to the negotiating table the boss will raise your wage less than he would have otherwise.
@@mick8481 Sure, seeing as I am an engineer worth about 60 an hour that will cost you $15. and it will be terrible because i have a degree in engineering rather than any experience as a barista.
perhaps Brackets' income thresholds should be tied to inflation. // the real question is what will the non taxed income go toward? buying more foreign made goods? that will lower the GDP. most tax cuts can not change the GDP because the GDP is mostly from gross wages. tax cuts do not change the gross wages only the net pay, maybe
You should’ve used a politician as an example for top tier tax bracket instead of a barrister. That way the public will realise that politicians are giving themselves the best bang for their buck 🤫
☝🏼THIS☝🏼 💯
Exactly they never use their role
Or senior staff/executives and owners of the media outlets.
@@MuffFlux 💯 don't go by us common folk go by you big money mongers
Barristers generally make way more than $200K and do you really think they don't use tax minimising structures? Have you ever met a lawyer??
Also not indexing tax brackets is just borderline theft.
lets dont forgot GST, fuel exercise, stamp duty on houses and insurance, council rates, medicare levy; more doctors wont bulk bill thus paying a gap, HECS; extra tax on higher education!
you're forgetting the most insidious tax of all... Inflation. How's that weekly grocery and petrol bill, etc?
all those taxes and duties he mentioned above are all indexed to inflation except medicare rebates & GST, which means they all go up with inflation/CPI as well as the weekly bills@@MrHuddo
But they've already done stage 1 and 2 to give tax cuts to the lower brackets....
@abc you need to use figures for the MEDIAN wage rather than average.
The Tax brackets particularly the 45% tax is ridiculous! If you are on the high income bracket, you pay more tax, more for childcare, more for medicare levy more more more everywhere and are literally left with nothing! As if being on a high income is a criminal offence! Looks like its the responsibility of high income earners to support the lower income earners in Aus!
Lower income people don't see your tax money in their pockets, how ignorant to think that! Your money goes towards me, a nurse who looks after the retired elderly which will be you soon! It's used for roads, sport parks, waste management, parks, welfare for the disabled which could be you one day ECT....tax is so you can have a nice neighbourhood and community. It's a bit ignorant to say your money is going to the lower class when you are benefiting from having a nice neighbourhood, do you think poor people give a F about having nice infrastructure and a nice neighbourhood, no they don't, rich people do though!
Yes, lots of poor people are abusing the welfare system and that need to be stamped out.
Many lower income people are PhD students try to progress humanity and technology so you can be rich.
But I believe higher income people should not be taxed nearly 40 percent, that's ridiculous! But most of your taxes are not wasted on poor people.
Ppl on min wage will get more subsidies from the government over time. It’s the middle income earners who foots the bill.
Misleading - why not also show how much the Barrister is already paying in tax compared to the Barista? You can’t save on something which you don’t pay to begin with.
So Raymond because a job gets paid less and pays less tax the other person who gets more should pay more tax to even ut out a little. Because you get paid more doesn't make your job more important. We had for many had a very progressive tax system that has been attacked and dismantled!!! Little coincidence it co insides with the growth of wealth inequality in this country!!!
@@ken-wj3jdso we should cut abc funding and pay them less? Also the government MPs are on a pretty penny too. How do we get their wages down?
@@AussieZeKieL cut abc funding. The liberals already did that and for idiligical reasons as well! It didn't work as the abc is a highly trusted source of information seen by the public...something 7,9,10 and especially sky/ news corporation wish they could have half off!! As for the politicians I agree they need to do better!!!
to show a fair comparison you should also have shown how much tax in $ each person will pay. the fact is the top 10% of income earners pay multiple times the amount of tax paid by lower income earners. they pay most of the taxes collected thats why the tax saving is higher.
They benefit most from our society. There are people who work just as hard on lower wages, but they are struggling to survive.
@@paulfitz6614 yes and they are already well supported by not paying tax. 40% of Aussies pay no net tax. But it's still not enough for the so call low to middle income earners. It's always a sense of entitlement and a case of what have you done for me lately. But I'm all years to hear how you justify it.
In my book everyone should pay 30% tax. Period. Everyone should contribute towards the government you earn more you pay more you earn less you pay less but you still contribute instead of just leeching off society and expecting handouts. Only then will everyone hold politicians account able for wasteful spending and programs. It's different when the govt is reaching into your pocket to pay for promises. It sharpens the mind and you become much more critical about whether it is worth it and is a fair thing to do.
The differnce is of course is income inequality & the basic cost of living eats away at lower income earners much more than high income earners. i.e. a high income earner can afford several homes, put food on the table, medical, send their kids to school, & a fancy accountant so they pay zero business tax & an offshore account. On the other hand low income earners can afford NONE of those things & are living out of the boot of their cars. Sorry to burst your bubble but being poor isn't "cool". However if you want to increase crime rates & start a riot because the poor are fighting to survive, you're welcome!
@@PeterKnagge on the contrary, it is actually the rich that lose the most from inflation because the purchasing power of the assets they own is devalued significantly whereas low income earners or those with no assets have nothing to lose. I think you forget that minimum wage and newstsrt has been going up massively 6-8% PA for the last few years under labor. No way others on higher incomes are getting those kinds of increases and they Lost get to keep all that extra income because they don't pay tax. Not so for higher income earners who get their wages garnished by 30-50c in the dollar when they get a pay rise to offset the cost of living.
@@TheMightyAbs here you go, it's the world's smallest violin. 1%er stonks gambling addicted spending everyone else's money pretending to be rich while slowly going broke. The counterfeit. Here's a better idea, the rich stop hiding other people's money in offshore tax havens & pay their fair share of tax!
Median wage is much lower 60k a year, or $28 per hour
Just watched the 9 News morning show analysis and I am not kidding, they said "People earning $200,000 a year have it harder than people earning $150,000 per year". I am not kidding. This country man, what the hell.
Yes they do. People earning lower than 150 receive benefits such as better medicare and childcare subsidies. There is this place in tax bracket that sucks and thats being between 150 and low 200
See how a temporary financial benefit/gift like the tax credit is thought of as an entitlement when it expires?
We pay way way way too much tax!!!
Flat 30% tax. That way, a pay rise is actually a pay rise
Does a barista stay a barista? The law student can be a barista, only later to become the barrister. The people in certain low paying jobs isn't static, it’s more complicated. Further the barrister will use tax strategies to lower income, so just focusing on tax brackets isn't a representative nor comprehensive analysis for direct comparisons ... it's just general/surface level stuff.
They never go beyond surface level stuff. We end up with bad policy as a result.
Why dont you also show how much tax each individual is paying? Pls dont peddle your narrative. A barista on $45 k pays $6 k as tax. A teacher on $98k pays $24.5k ish as tax. A barrister on $200k pays $64 k as tax. If you pay so little you receive little as well.
Is this Joel saldanha....or is it a wealthy liberal party member...or is it you Gina??? People in Africa working for 2 dollars an hour are happy!!
@michellesm26rich and income are two different things. Please avoid starting a sentence with "so you think", you don't know what he thinks.
@@ken-wj3jd I am a hardworking Australian who pays his fair share of tax and is questioning the narrative being spun by ABC where they conveniently don't mention the high amount of tax being paid by the individual but keep all focus on the tax return only so that it suits their narrative. Also, you're free to work for $2 if it suits you..👍
$97,000 is average????????!!!!! BS!!!!!!
This is a fraud. You also must look at who is consuming Government offerings. The code change will entice people to do more than simply pour coffee for a living and seek a better career.
Could have swore that was Graham Stephan in the thumbnail.
Thanks for sharing how tax brackets work, but one equation you failed to even show is the amount of tax each individual currently pays, your reporting only focused on tax savings. How about a true balanced approached to journalistic report on this topic.
Exactly. It's almost like they are obfuscating to push an agenda of creating outrage so they reverse the changes to be more beneficial to the wealthy again... Like the goblins running the network. But thats probably just a coincidence.
Hmm if tax bracket for the 180-200k stay the same, how do they save 9k in tax?
Are people saying that it is a bad thing if the higher income earners save more money? They are paying more tax than lower income earners so with these tax cuts they will naturally save more too.
So over the next 10 years a high income earner is going to make another 90k, combine this with the fact that high income earners already get bigger pay rises (As someone above 200k, my income has grown over 100k in the past 5 years). High income earners don't need government support, the extra $10k a year isn't going to be as noticeable to me as what it will be to someone earning less.
We need to stop making it easier for rich people to get richer buy taking from poor people, it's like negative gearing it's not helping your parents or grandparents like it's helping the rich, it's been recommended to me as an option to reduce taxes while making more money.
Someone who claims they are earning over 200k should know the difference between “buy” (incorrect use) and “by” - smh
@@lukesb3025 damn your too smart, no body ever types similar sounding words
@@reductor_ can’t tell if you’re trolling or actually a battler. The “your” you mean is “you’re” (you are) and “no body” is “nobody” - double smh
@@lukesb3025 just someone typing on a phone without caring about spelling or grammar in a youtube comment.
Even though English is my first language, I'm still terrible at writing it quickly, not quiet dyslexia but similar stumbles.
However it doesn't impact my ability to make money, for anything which might be shared widely professionally I'll proof read it, for an off the cuff yt comment it's not happening.
I might have been classed as a battler once, but I would not say so at the moment.
@@reductor_ Not “quite” you mean. Anyway all the best with your 200k, maybe buy a dictionary. Cheers
Australia is over reliant on personal tax, why would people want to work harder if they know they are getting taxed closed to 50%? How do you increase Thé productivity this way ? The best way forward is increase the spending tax or gst and make sure that covers everything, not only some things like it is now and also lower personal tax rates at the same time.
The top 10 highest taxing countries have top earner tax rates at 55-80%, and historically there have been much higher levels. 45% off the cream at the top here is OVERLY GENEROUS. Anyway let’s all rally behind properly taxing mega rich corporations, which (regardless of “personal” wealth) I’m sure we can all agree is a HUUUUGE rort. Let’s not let them get away with it, nor the politicians allowing it. Here’s just SOME of the worst offenders in 2023: ExxonMobile Australia, Toll Holdings, Virgin Australia, Qantas, Santos, Vodafone, BG (Shell), Yancoal, Peabody (coal companies), News Australia Holdings.
I’ve heard this conversation somewhere before. Ah yes. Of course. Shrek.
Shrek: For your information, there's a lot more to Tax Cuts than people think.
Donkey: Example?
Shrek: Example... uh... Tax Cuts are like onions!
[holds up an onion, which Donkey sniffs]
Donkey: They stink?
Shrek: Yes... No!
Donkey: Oh, they make you cry?
Shrek: No!
Donkey: Oh, you leave 'em out in the sun, they get all brown, start sproutin' little white hairs...
Shrek: [peels an onion] NO! Layers. Onions have layers. Tax Cuts have layers... You get it? We both have layers.
[walks off]
Donkey: Oh, you both have LAYERS. Oh. You know, not everybody like onions. CAKE! Everybody loves cake! Cakes have layers!
Shrek: I don't care what everyone likes! Tax Cuts are not like cakes.
Donkey: You know what ELSE everybody likes? Laminations! Have you ever met a person, you say, "Let's get some Laminations," they say, "Hell no, I don't like no Laminations."? Laminations are delicious!
Shrek: NO! You dense, irritating, miniature beast of burden! Tax Cuts are like onions! End of story! Bye-bye! See ya later.
Donkey: Laminations may be the most delicious thing on the whole damn planet!
I am so glad I left nursing last year because that industry was already struggling without adequate resources, I couldn't imagine what it is going to look like with even less funding. They were already cutting the physician wage over the years and many Doctors are questioning if the job is worth the risk for the pay, I don't blame them. The stress of Nursing is not worth the lack of resources and low pay.
The government gives out tax cuts and gets it back with increase in the price of petrel and alcohol 😂😂
Today $2900 is needed to purchase $100 of stuff in 1950. The Australian dollar has lost 98% of its value since 1923.
Utter disgrace giving the low in come of $135 a year when 2 baskets at coles cost $100 how can one live.This is to all you sheep out there vote with your eyes closed.What is so lucky about Australia when people are living hand to mouth and every left or right turn you take you need to take your wallet out and say tooooo expensive to travel whit-in Australia that’s why people travel overseas.
Issue more drivers licence to the people who can’t drive and another rego fee add to the government and a money spin, corrupt
Go after wealth not income
Is this to keep everyone working until they die?
@@AussieZeKieL its more about targeting the few that more than they will ever need and support those with less than is needed.
@@AussieZeKieL thats what the barristers doing. Take into account the compound affect on super and the gap will be monumental. And the little ol barrister will be funding luxury retirement of the middle an upper, while continuing to work to and paying his rent... to a middle and upper.
How selfish
The top bracket in the US is 37% and starts at US$578,000 for a single person or AU$ 873,000. Other US brackets in Aust dollars AU$16.5k @12%, AU$67.5k @22%, AU$143k @24%, AU$273k @32%, AU$347k @35%. We think they are too high.
Hey John. America s golden period was from the 50s to 80s. Would you agree??? You know that the average tax rate for top earners in this time was over 70 percent??? Since the 80s the US has been in decline as the tax revenue has decreased to 37 percent now!!! Coincidence. .me thinks not!!!
@@ken-wj3jd agreed
And the US is over $30 Trillion in debt and going up thanks to the debt ceiling deal. As if borrowing more and more money to pay for servicing this debt and paying ongoing expenses is going to end well.
Only the ABC would educate people on fairness by focussing on the $ the 45k income earner gets instead of analysis on % and actual $ of tax paid by each group after the changes. The fundamental economic benefits of lowering tax for middle and higher incomes also not discussed. Very typical.
I’m for the tax cut and I was thinking this is actually the first honest review of the tax cuts I’ve seen. Only if you watch til the end though. You make a good point though, they should have said how much tax each person pays. It’s wrong to look at the tax cuts as a handout. It’s us keeping more of what we earn.
Poor barristers doing it tough 🙄 Its not like the tax system is setup for them to pay FA after claiming deductions, on investments they have the disposable income to buy. How about adding into this video the compound affect on investments?
@@NathanCroucher I don't think I mentioned barristers or what they should be taxed. Unless you don't want any meaningful and objective analysis from your national broadcaster, would you prefer political opinions?
@@CR-pr4sd Actually i dont know what your talking about... At least my comment made sense.
I thought you where having a go at the abc for there "fairness" to bottom income earners via the lack of detail. So i came back with what the ABC didnt say about high income earners.
"The fundamental economic benefits of lowering tax for middle and higher incomes" Are you veering towards piss on economics?
"would you prefer political opinions?" Id prefer no structural deficit, which is what the majority is voting for.
@@NathanCroucher lol 😂 my comment was about the ABCs lack of analysis. You went straight to answering the top earners use deductions. You are insinuating they don't need any more tax back before we have a conversation about total tax and % of tax. Sounds like your mind is already made up, almost like you have a political opinion here 🤔. But I'm off topic on my own comment. Good one 👍
Promises are made to be broken to look after the people first rather than the rich greedy politicians and law makers.
Increase the tax allowance to 24000 dollars
The animation at 5:20 is an extremely poor representation of the narration, and the actual situation. For a production by “video lab”, I’d hope for a more factual representation.
What fing tax cuts??
The 45k - 65k earners need a new bracket
There’s a reason u r a low income earner. Maybe u should be asking how I can increase productivity so I can move up on the income scale, isn’t that what rba want?
I have one solid reason to vote for Labour every time and that is they have changed the migration system and allowed well deserving candidates the opportunity to settled in Australia.
Compared to Scott Morrison his was party just used to temporary residents for their benefits and never thought of helping them. So until n unless Labour isnt making huge blunders which would cost in future for my kids, Im sticking with them.
why we are not applying higher taxes as you earn higher and maintain a ratio? Banks are digital, and shopping is digital to control earning/spending.
Taken from the Australian Broadcasting Corporation wikipedia page:
In fiscal year 2016-17, the ABC received A$861 million in federal funding, which increased to $865 million per year from 2017 to 2018 to 2018-19, representing a cut in funding of $43 million over three years when accounting for inflation. In 2019-20, the federal budget forecast funding of $3.2 billion over three years ($1.06 billion per year) for the ABC. The Enhanced Newsgathering Fund, a specialised fund for regional and outer-suburban news gathering set up in 2013 by the Gillard government, currently sits at $44 million over three years, a reduction of $28 million per year since the 2016 Australian federal election. This came after speculation that the fund would be removed, to which ABC Acting managing director David Anderson wrote to Communications Minister Mitch Fifield expressing concerns.
However, despite the cuts made by Prime Minister Tony Abbott and Communications Minister Malcolm Turnbull and the freeze introduced by Prime Minister Malcolm Turnbull and Communications Minister Mitch Fifield, the ABC itself has published financial data that shows an increase in the taxpayer appropriation to the ABC of 10% in real terms (i.e. above inflation) between 1998 and 2021.
The term "where your 8 cents a day goes", coined in the late 1980s during funding negotiations, is often used in reference to the services provided by the ABC. It was estimated that the cost of the ABC per head of population per day was 7.1 cents a day, based on the corporation's 2007-08 "base funding" of A$543 million.
ABC video explaining how your getting screwed, with no tax break like the wealthier will get, along with the tax perks they get. And you attack the ABC for informing you of the situation, madness.
Taken from the Wikipedia pages that you work for....
Out ofThe top 500 companies in Aus 2 out 3 pay little to no tax...that's from profit revenues of billions to trillions...
Which Wikipedia page is worse????
@@ken-wj3jd Neither of us has been paid by anyone for 2 simple reasons. 1: I am anti capitalist. 2: You are a bot account.
why are they funded with tax dollars at all!
@@geraldbennett7035 why are you?
Very unfair I think you forget to tell that we are waiting from last 5 years for this last stage cut (without zero benefit from last 5 years) and all other segments got their cuts, now why you are raising this debate?
Asking your boss for a payraise, you mean getting let go?
Economic investigator Frank G Melbourne Australia is still watching this very informative content cheers Frank 😊
This video is so provocative.. instead of showing the tax cuts only, put some context. For instance 200k earner will be paying tax more than the barista earns. And the Barista doesnt even pay that much in tax.
Changing the topic, this is why negative gearing is so popular because of the bracket creep and hence one of the bjggest reason why we find ourselves in the housing situation.
Other countries around the world, already have tax hitting at higher amounts.
Ultimately if we had less punshing tax brackets and index the brackets to CPI, I dont think having a investment property is as attractive as it is today.
Outlets like this definitely try to divide and anger people with an omission of information (half truths) to paint a picture and a story that is far from the truth.
Could just increase tax free threshold and eve try one will be better off, especially those earning the least. Ideally, income tax wouldn’t exist - it is the worst tax if you want to encourage productivity and hard work. We tax tobacco to discourage smoking, taxing people for working only discourages productive activity.
remove personal income tax, raise GST........only be taxed on your spending
can't everyone be happy !
I'm on 165k as an engineer. Mature age student, and worked my ass off to get where I am today. My wife is part time as we have 3 kids under 5. Even with modest mortgage it is survival at the moment. I understand that the higher earners mathematically benefit more. So what? I worked my ass off and deserve it.
middle income earners deserve this tax cut. i think its very reasonable, however, the high income people, which is now an even smaller percentage of Australia, need to contribute more. the best in my opinion would be to raise high income to 250k and tax that bracket 50-55%. this would even out a lot more. also less lazy immigrants who barely work/contribute to the economy would be a nice change.
How much does a TV presenter in ABC channel earn? The salary is paid directly out of tax payers pockets, just like the beloved politicians. No wonder why you’d be advocating for more tax rather than less.
Also are you saying the teacher prefers not to have $1300 in their pocket to avoid higher earner have $9000?
The lawyer is already paying tax more than what Barista makes in salary. “To be fair” you should’ve shown how much each of these 3 people are already paying.
Pretty deceitful to express income tax savings as in raw numbers considering the lower income people by definition would pay less tax. A more honest person would have done the analysis comparing the reduction as a percentage from previous years' tax bill at each income level. But i wouldn't expect anything different from the Soviet propaganda machine the abc
It doesn't matter how you spin it. We cannot afford $254 Billion.
We easily can if we taxed our bloody resources properly!
Yes. Here’s just SOME of the worst offenders in 2023: ExxonMobile Australia, Toll Holdings, Virgin Australia, Qantas, Santos, Vodafone, BG (Shell), Yancoal, Peabody (coal companies), News Australia Holdings.
The rest of us better learn some actual facts about the mutual respect required for a functioning democratic system of governance.
So think about the video and the pure contempt for equity that an actual Representative Democracy requires.
Thanks for the Educational advice.
Greetings, our Prime Minister embodies both intellect and courage, deftly navigating the complexities of the current landscape. Australians are grappling with the pressing issue of the cost of living, and the quest for relief is paramount. Adjusting tax cuts to favor the majority emerges as a prudent solution.Amidst our dynamic circumstances, it's crucial to recognize the fluid nature of promises and adapt our approach accordingly. Rather than placing blame on our PM, who is undeniably an Australian hero, let's collectively appreciate the efforts in steering our nation through challenges.For those enjoying incomes exceeding 200k, now is the time to acknowledge your privileges - a stable roof, food security, and financial comfort. Expressing gratitude and extending a helping hand fosters a sense of community. Let's foster fairness, adaptability, and a united front as we navigate the intricacies of our nation.
.With inflation running at a four-decade high, a Recession is now the ‘most likely outcome for the economy. How can I grow my portfolio to outpace inflation and maintain a successful long-term strategy? I have been reading of investors making about $250k profit in this current crashing market, and I need ideas on how to achieve similar profits.
@@JeanpaulCeme I will be retiring in three years and I have a goal of doing that with $1M. How can I reach out to your advisor?
@@JeanpaulCeme Thanks for sharing this.I just looked her up on the web and your advisor looks advanced and experienced. I will write her an e-mail shortly.
The higher tax bracket contribute more in tax than the barista even earns.
I'd rather see the tax break go to the teacher than the barista, who could easily change their circumstances by learning a trade.
Even Peter Costello and John Howard couldn’t save us from the reckless spending that has become the norm since they left office...
Lol you mean BOOTED out of office
@@SmilingStaffyLensLanelook at the debt levels. No coming back from where we are now. Everyday we are a step closer to becoming like the USA, bet you like that.
Are you talking about Mr Costello who sold all of our gold reserves for cheap. He was even told to hold onto them for another 6 months as the price was too low. It cost the nation billions!!! Are these two people who oversaw the most selling of assets than any other governments!! Please these two are a huge reason why we are in the position we are in now!!
Say NO to the ABC!
Say no to newscorp, the IPA, Big Multinationals who pay little to no tax!!! Now that sounds better what do you think nobull???
and YES to Sky news😀😅🤣 Please dont make us laugh
@@tm92489 and YES to 7 news.
Channel 7 and Sky News (Murdoch, news aus limited) are tax dodgers. They owe Australia. They are hypocrites.
Seven West Media Limited has paid 4% in tax.
News Australia Holdings Limited paid 0%.
Both have total incomes over 1 billion dollars.
Aus top earned pay 45%. Corporations have a 30% flat rate.
Both used to be higher. Many other countries have higher now, and especially in the past. And yet they pay 4% and 0%. THEY ARE STEALING FROM US.
Do Not lie to us please
Lol
@@Adamoo8 hey what else can I say
Howl at the Full Moon BrotheroftheWolf?
Who s lying???
@@SmilingStaffyLensLane Seems like you disagree, but I honestly don't see with which side you disagree with since the video just stated facts for both side of the argument, and you didn't say what the lie was.
@@Adamoo8 ok, which can you actually verify
Where can you verify them
Why would you trust who that verification is coming from taking into consideration the initial circumstances as they sit internationally at this point and nationally I smell a rat
I certainly do not trust the ATO
I certainly do not trust the Australian government
I certainly do not trust the RBA (considering who put Philp Lowe in his tenure and where most of the information is coming from inadvertently)
Barista should have finished school 🤷♂️
Ok cool. We will make sure everyone has a university degree and then....what...you'll still want a coffee in the morning so if everyone has a degree that means the only thing that changes is your barista has 30k in HECS debt
@@milamber319 I’ll have a flat white on oak please 🙏
@@milamber319 he does raise a great point. This conversation is saturated in 'fairness' with an emphasis on the poor 45k earner. But what reward does the person who worked hard in high school or uni get? Obviously there are many many other considerations and counter points but you cannot discount his point as incorrect.
@@CR-pr4sd You get a higher wage...even after tax you wages are higher. That's the reward.
When we talk about fairness in wages we need to have that discussion in recognition that if a person is paid to do a job that means the job is valuable. We can't just say "hey they need to get a better job" whenever someone is struggling to make ends meet...especially when they ARE working hard and ARE doing something that provides value.
So then you ask the question. Moving through this logically. Why is it that the barista, who is providing value for the economy, not making enough to pay a higher tax bracket? If you taxed them at the same rate as someone higher wage that would be fair surely? Except if we took their current wage of 45k and taxed it at the higher rate then that person would probably become destitute as their meager living doesn't allow for much leaway in terms of savings.
Ok so lets pay them more so that we can tax them more. Simple enough, if we increase their wage by 10% we can tax them by that amount more and it would all come out even...
Except who is paying for that extra wage. it's not the government it's the employer. So the employer has to either wear that extra cost or raise their prices.
By this stage it should be clear that the income taxes are not a punishment for being rich. The gov needs money to operate and maintain an economic situation which is conducive to buinsesses making money. And they have to get it from somewhere. You will pay for it either way. Your 200k wage is 200K not because you are worth 200k its because you are worth 135k and the boss is willing to pay 65k in tax to get you.
Oh but wait....if the boss is willing to pay 200k to get you SURELY you should get all of that 200k!....you were willing to do it for 135k mate, he was going to pocket the rest if it wasnt taken in tax.
And now we reach what is fundamentally true. People don't get paid what they are worth they get paid whatever they are willing to do the job for...and for unskilled workers who have no other choice but do whatever it takes to make a living that means taking below poverty wages if bosses are not forced to pay more...the gov can gather taxes however they they want...they reason we have the brackets isnt so that the rich get punished...its to make sure that exploiting vunerable labour is not as profitable.
It is to shape the economy to be more efficient...you arnt even a victim...lowering your taxes just means that the next time you go to the negotiating table the boss will raise your wage less than he would have otherwise.
@@mick8481 Sure, seeing as I am an engineer worth about 60 an hour that will cost you $15. and it will be terrible because i have a degree in engineering rather than any experience as a barista.
Hahahahahhahaaaaaaaa 🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
perhaps Brackets' income thresholds should be tied to inflation. //
the real question is what will the non taxed income go toward? buying more foreign made goods? that will lower the GDP.
most tax cuts can not change the GDP because the GDP is mostly from gross wages. tax cuts do not change the gross wages only the net pay, maybe