Comment on The $2.9 trillion corner of Australia's economy at the centre of a tax war
Alexstarfire@lemmy.world 2 weeks ago
I must be missing something major because the numbers don’t make sense to me. They are going to impose a minimum 30% tax on a bunch of trusts. Trusts are making $600 billion a year. But they only expect to make ~$4.5 billion in taxes per year? 30% of $600 billion is $180 billion. Why wouldn’t they be making far more with this tax? Does it target only the small trusts? Seems like a lot of the profit of these trusts is just being ignored for some reason.
dgriffith@aussie.zone 2 weeks ago
Possibly the average tax rate across large and small trusts currently is like 25 percent - that way forcing a minimum of 30 percent only nets a relatively small increase.
Alexstarfire@lemmy.world 2 weeks ago
5% is still $30 billion. Hell, 1% would still be $6 billion.