05.16.08
Australia getting the hang of this “capitalism” thingy
Check out the Aussies, will ya? They’re getting the crazy idea that lowering taxes will create a financial incentive that will ultimately increase their revenues! What’s next, an understanding of how supply and demand works? From Oz:
Australia will reduce the amount of tax overseas investors pay on dividends from managed funds to 7.5 percent to encourage investments in real estate trusts.
The tax, currently 30 percent, will be cut to 22.5 percent in the year starting July 1; 15 percent the following year; and 7.5 percent the year after that, Treasurer Wayne Swan said in his first budget in Canberra today.
“These arrangements will make Australia’s withholding tax rate one of the most competitive in the world,” Swan said. “The arrangements will ensure Australian property trusts are well placed to attract foreign investment.”
Australian money managers oversee more than A$1.4 trillion ($1.3 trillion) in assets, and that is forecast to exceed A$2.5 trillion by 2015, Swan said. Foreign investors account for only 3 percent of fee income, he said.
We could do something like that here in America that will attract foreign investors by the boatloads. It’s called the FairTax.
Submariner said,
May 16, 2008 at 7:22 pm
Love what Boortz wrote last week - the Republicans have lost the faith of a vast amount of their American constituency when we lost the ability to distinguish between them and the tax and spend crowd over at the DNP. The only way they are going to get many actual conservatives and libertarians to vote for them is to radically prove they “get it.”
IMHO, the absolute best way would be to broker passage of the fair tax.
Gawfer said,
May 17, 2008 at 8:56 am
ahh, Jon,
If Elroy reads this, his head is going to explode… HEY! Link back to it so he can, LOL!
Nightcrawler said,
May 17, 2008 at 10:29 pm
Lower tax rates to increase tax revenues? That’s something that only a crazed, right-wing zealot would say… like JFK!
Glad to see the Aussies coming around… now if only we could get the Americans to.
Jenn said,
May 18, 2008 at 12:57 pm
Wow, that’s crazy shizznet there!!!