{"id":15139,"date":"2017-04-11T20:14:41","date_gmt":"2017-04-12T00:14:41","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=15139"},"modified":"2017-04-11T20:14:41","modified_gmt":"2017-04-12T00:14:41","slug":"consider-republicans-tax-plan-ross-garnaut","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2017\/04\/11\/consider-republicans-tax-plan-ross-garnaut\/","title":{"rendered":"Consider Republicans’ tax plan | Ross Garnaut"},"content":{"rendered":"

From Patrick Hatch:<\/p>\n

“Our existing tax base for the corporate income tax is in deep trouble,” Professor Garnaut told the Melbourne Economic Forum on Tuesday. “It’s subject to egregious avoidance or evasions, with two of the main instruments of avoidance being arbitrary use of interest on debt to reduce taxable income and, more importantly, arbitrary use of payment for import of services as deductions. <\/p>\n

\"\"<\/a><\/p>\n

“You have a lot of what must be fundamentally some of the most profitable enterprises in Australia paying no corporate income tax. <\/p>\n

“Google and Microsoft and Uber, they manage to generate very large sales in Australia … but somehow make no profit from it because of payment for intellectual property, payments for services.”<\/p><\/blockquote>\n

Cutting rates while broadening the base is a step in the right direction. But the broader base has to offset the rate cut, so that tax revenues are not depleted.<\/p>\n

One of the oldest tricks in the tax avoidance industry is to set up a structure where A receives a deduction for an expense while the receiving party (B) is either tax exempt or is resident in a tax haven, and does not pay tax on the income. The effect is to substantially reduce tax payable by A. <\/p>\n

Disallowing all deductions would unfairly penalize legitimate transactions. A simpler method would be to require A to collect a withholding tax on the payment to B (or B provides a tax file number showing that the income will be taxed in Australia) else the deduction by A will be disallowed. <\/p>\n

Source: Consider Republicans’ tax plan, says economist Ross Garnaut<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

From Patrick Hatch: “Our existing tax base for the corporate income tax is in deep trouble,” Professor Garnaut told the Melbourne Economic Forum on Tuesday. “It’s subject to egregious avoidance or evasions, with two of the main instruments of avoidance being arbitrary use of interest on debt to reduce taxable income and, more importantly, arbitrary … <\/p>\n

Continue reading “Consider Republicans’ tax plan | Ross Garnaut”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[40,28],"tags":[],"class_list":["post-15139","post","type-post","status-publish","format-standard","hentry","category-australia-nz-countries-regions","category-taxes-inequality"],"yoast_head":"\nConsider Republicans' tax plan | Ross Garnaut - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Consider Republicans' tax plan | Ross Garnaut - the patient investor\" \/>\n<meta property=\"og:description\" content=\"From Patrick Hatch: “Our existing tax base for the corporate income tax is in deep trouble,” Professor Garnaut told the Melbourne Economic Forum on Tuesday. “It’s subject to egregious avoidance or evasions, with two of the main instruments of avoidance being arbitrary use of interest on debt to reduce taxable income and, more importantly, arbitrary … Continue reading "Consider Republicans’ tax plan | Ross Garnaut"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2017\/04\/11\/consider-republicans-tax-plan-ross-garnaut\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:published_time\" content=\"2017-04-12T00:14:41+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/thepatientinvestor.com\/wp-content\/uploads\/2017\/04\/1491925235096.jpg\" \/>\n<meta name=\"author\" content=\"ColinTwiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ColinTwiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2017\/04\/11\/consider-republicans-tax-plan-ross-garnaut\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2017\/04\/11\/consider-republicans-tax-plan-ross-garnaut\/\"},\"author\":{\"name\":\"ColinTwiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/cb072791ac83e8bae585007c133d54a5\"},\"headline\":\"Consider Republicans’ tax plan | Ross Garnaut\",\"datePublished\":\"2017-04-12T00:14:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2017\/04\/11\/consider-republicans-tax-plan-ross-garnaut\/\"},\"wordCount\":269,\"commentCount\":1,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2017\/04\/11\/consider-republicans-tax-plan-ross-garnaut\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/thepatientinvestor.com\/wp-content\/uploads\/2017\/04\/1491925235096.jpg\",\"articleSection\":[\"Australia & NZ\",\"Taxes & Inequality\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2017\/04\/11\/consider-republicans-tax-plan-ross-garnaut\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2017\/04\/11\/consider-republicans-tax-plan-ross-garnaut\/\",\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/2017\/04\/11\/consider-republicans-tax-plan-ross-garnaut\/\",\"name\":\"Consider Republicans' tax plan | Ross Garnaut - 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The first was a shift in China\u2019s economy away from a focus on heavy industrial investment and\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9916,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/05\/27\/3-reasons-to-be-suspicious-of-the-inequality-debate\/","url_meta":{"origin":15139,"position":1},"title":"3 Reasons to be suspicious of the inequality debate","author":"ColinTwiggs","date":"May 27, 2014","format":false,"excerpt":"My concerns with the inequality debate are twofold: The poor are seldom rescued from poverty by redistribution. Raising taxes on the rich to bolster welfare payments increases dependence of the latter on government. While this may be a sound political strategy to garner votes, dependence on handouts robs people of\u2026","rel":"","context":"In "Taxes & Inequality"","block_context":{"text":"Taxes & Inequality","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/taxes-inequality\/"},"img":{"alt_text":"Marginal welfare loss from a small increase in selected Australian taxes","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/henry-tax-welfare-losses.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/henry-tax-welfare-losses.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/henry-tax-welfare-losses.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":8252,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/08\/11\/increase-the-gst-to-20-yes-but-i-wouldnt-recommend-it\/","url_meta":{"origin":15139,"position":2},"title":"Increase the GST to 20%? 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So increasing\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9879,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/05\/24\/piketty-problems-top-1-shares-of-income-and-wealth-are-nothing-like-1917-28-cato-liberty\/","url_meta":{"origin":15139,"position":3},"title":"Piketty Problems: Top 1% Shares of Income and Wealth Are Nothing Like 1917- 28 | Cato @ Liberty","author":"ColinTwiggs","date":"May 24, 2014","format":false,"excerpt":"From Alan Reynolds: First of all, the Piketty and Saez estimates do not show top 1 percent income shares nearly as high as those of 1916 or 1928 once we use the same measure of total income for both prewar and postwar data.Second, contrary to Summers, there is no data\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9137,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/02\/05\/taxes-and-corporate-profits\/","url_meta":{"origin":15139,"position":4},"title":"Taxes and corporate profits","author":"ColinTwiggs","date":"February 5, 2014","format":false,"excerpt":"A secondary element \u2014 when compared to wages, raw materials and interest rates \u2014 is the impact of a lower effective tax rate [blue line] on US corporate profits (CP\/GDP). Part of the post-GFC fall in the effective corporate tax rate can be attributed to tax losses, incurred during the\u2026","rel":"","context":"In "Stock Markets"","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"Effective Corporate Tax Rate","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/corptax.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/corptax.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/corptax.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":13158,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/04\/16\/land-tax-is-needed-but-wont-happen-macrobusiness\/","url_meta":{"origin":15139,"position":5},"title":"Land tax is needed but won\u2019t happen | Macrobusiness","author":"ColinTwiggs","date":"April 16, 2016","format":false,"excerpt":"By Leith van Onselen. Reproduced with kind permission from Macrobusiness. The Australian\u2019s Adam Creighton has written a ripper post explaining why, in the wake of tax avoidance scandals (e.g. multinational and the Panama Papers), a broad-based land tax is needed more than ever, but will never see the light of\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"Taxes","src":"https:\/\/i0.wp.com\/www.sonofabroker.com\/wp-content\/uploads\/2014\/06\/taxes-300x181.png?resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/15139","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=15139"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/15139\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=15139"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=15139"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=15139"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}