What is Debit Tax?

Debit tax is a modern version of an ancient Greek and Roman taxations system. Today modern technology such as computers and ATMs make its adoption and collection, easy, inexpensive and practical.

Debit tax is collected ongoing continuously – not quarterly or annually – and without paperwork of any kind. It works by debiting one percent at banks or financial institutions when money is withdrawn either by cash, cheque or electronically. The one per cent is then electronically transferred to the Australian Federal Treasury. This eliminates the need for a huge taxation bureaucracy.

One per cent debit tax would provide Australia with a tax revenue of approx $470 billion annually. The current system only provides approx $215 billion. The great part for all Australians is that they can afford to live above the poverty line not below. How is this achieved? Foreign national companies would be forced to pay their share of Australia’s tax burden and responsibility. So-called Australian companies operating offshore would no longer be able to avoid their responsibilities either.

Ask yourself this…
How could it affect you? if you had an annual salary of $30,000 currently attracts approximately $15,000 tax (including GST and other impositions such as rates). Under the debit tax system, the taxpayer would contribute approx $300 annually, returning up to an extra $280 weekly into workers’ pockets. This will not be inflationary as ever other current tax is eliminated.

You do not need to be a rocket scientist to work out that a debit tax is the only fair and reasonable taxation system for all of Australia and the sooner Australians adopt and accept this tax the better off we will all be.

And we will not be reading this type of crap:

Projected Government revenue down by $100bn Treasurer blams global financial crisis Pressure on Australian jobs rising

PROJECTED Federal Government revenue has fallen by more than $100 billion since the last budget because of the global financial crisis, Treasurer Wayne Swan says.

When Mr Swan delivered Labor’s first budget in 13 years in May last year, Treasury was forecasting government revenue of $319 billion for the 2008/09 financial year.

But that was before the global financial crisis pushed Australia into recession.

Between the time of the last budget in May 2008 and February, there was a government revenue shortfall of $115 billion, Mr Swan said.

“I think it (the shortfall) has got substantially worse,” he told ABC TV.

A year ago, Mr Swan said, the International Monetary Fund (IMF) had been predicting world growth of four per cent.

A week ago, it downgraded its forecast to minus 1.3 per cent.

“So, essentially, the whole world has turned upside down and, of course, that means global growth is contracting,” Mr Swan said.

“It certainly means the pressure is on jobs and unemployment is rising around the globe and what it has done is put a wrecking ball through government revenues.

“Particularly in this country, a country that has been such a beneficiary of a mining boom and has essentially seen its revenues from capital gains tax and company tax dramatically reduced by this sharp contraction in global growth.”

Mr Swan’s first budget in 2008 delivered a $21.7 billion surplus, but the Rudd Government has since spent more than $52 billion on fiscal stimulus packages.

When asked if he was ever going to deliver a budget surplus as Treasurer, Mr Swan said the Government was aiming to restore the surplus once economic growth returned to trend.

“Well, these are extraordinary times,” he said.

“The one thing I am absolutely determined to do is to do the right thing by Australia’s national economic interests.

“What we do in the budget, and we’ll implement that medium-term fiscal strategy, so that we can return to surplus over time once growth returns to trend. That’s our commitment.”

Mr Swan said jobs needed to be the priority.

“There is a very substantial hit to revenue and what that certainly means in terms of the commonwealth budget are some very, very hard choices as we go about planning the support for jobs into the future and putting in place those commitments we must make in this budget,” he said.