Interesting article about changing tax rates on super and the fact that they are already banking on slugging our retirement savings to pay for their waste.

If you want gonski and NDIS, then you need to pay for it out of the money we already have, not increase taxes more! Stop wasting our money and get out of our wallets.

Here’s Henry Ergas from The Australian on their tricky accounting and plans for a class war of envy to get them over the line.

Increasing taxes on superannuation will always seem the easiest way of doing so. The vast bulk of what would be taxed is already there and cannot be removed. Ongoing contributions are largely compulsory and are now rising to 12 per cent of earnings. As far as tax grabs go, this is shooting fish in a barrel.

Little wonder barely noticed projections in the 2012-13 budget already list taxes on super as the government’s fastest growing revenue source over the next three years. Those estimates show super tax payments rising 60 per cent on an accruals basis, three times more than the overall tax take.

But there is more juice in the lemon. The real problem lies in making squeezing it politically acceptable. And that requires careful propaganda. At its heart is the claim that super is too lightly taxed, especially for middle and higher income earners.

I already pay far more tax than I should need to. I don’t get any assistance from the government -not that I want it, having the wherewithal and the pride to stand on my own two feet.

But many, many people in Australia are net beneficiaries of welfare, meaning they take much more than they contribute. These people must realise that it is not my responsibility to look after and provide for them, for that is their responsibility.

Not happy with the money you make in your crappy job? Well get a better one.

Not educated enough to get your dream job? Go back to school and learn new skills to enable you to do so. I went back to uni at age 28 as I realised my skills were sub-par. Burdened with an additional $30K debt, it took me until I was almost 40 to afford my own home.

But at least it’s mine, bought with my money, debt serviced by the sweat of my own brow, not on handouts from my hard working neighbours while I scream about the inequities of life and how it’s just not fair.

Give me a break.


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