News

Is tax policy contributing to wealth inequality?

Published

2 years ago

September 6, 2023

Australian Labor Party MP Mike Freelander has called on the Albanese government to display courage in advocating for challenging tax reforms.

He voiced concerns that Australia could become more Americanized and less successful if current tax policies persist, as reported in the Australian Financial Review.

Freelander’s comments came after the release of a report by the St Vincent de Paul Society recommending the removal of stage three tax cuts.

Freelander acknowledged that he personally benefited from the existing taxation system but emphasised that his children are now paying the price.

He stressed the need for measured actions that would enable younger generations to enjoy a similar quality of life.

Progressive reforms

The report, authored by economists from the Australian National University, proposed several reforms, including a moderate increase in capital gains tax, a progressive superannuation taxation system based on income, and a raise in the tax-free threshold from $18,200 to $24,000.

These changes were put forth as a means to lift over 830,000 Australians out of poverty, primarily through increased welfare support for low-income households, single parents, and individuals with disabilities.

Freelander refrained from specifying which aspects of the report he supported, as he feared political weaponization.

Freelander believed that initiating discussions on these reforms now and gradually garnering support for necessary changes was essential. He emphasised that Australia’s egalitarian values should not be compromised by growing wealth inequality. If left unchecked, the country could transform into a more Americanized and less successful society.

While Freelander spoke out on this issue, other politicians, including Labor MP Alicia Payne and several present during the report’s launch, chose not to comment on the recommendations.

The Intergenerational Report from the previous month had highlighted that, under current settings, workers would face an increasing share of the tax burden over the next four decades.

St Vincent de Paul’s national president, Mark Gaetani, responded to Treasurer Jim Chalmers’ call for a tax system debate, emphasising the society’s commitment to engaging in this important conversation.

News

Trump: No ceasefire with Iran, just surrender

Trump rejects ceasefire with Iran, demands total conflict end, warns of military action and nuclear threats.

Published

13 hours ago

June 18, 2025

Ahron Young

Trump rejects ceasefire with Iran, demands total conflict end, warns of military action and nuclear threats.

Trump: No Ceasefire With Iran, Just Surrender — President Donald Trump has escalated his stance on Iran, rejecting the idea of a ceasefire and stating he wants a complete end to the conflict.

He warned Iran against developing nuclear weapons and hinted at potential military action, including the use of “bunker buster” bombs. Trump’s remarks, including a threatening post on Truth Social, have reignited fears of a broader confrontation in the Middle East.

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#Trump #IranCrisis #MiddleEastTensions #NuclearThreat #TruthSocial #G7Summit #USMilitary #Geopolitics

News

Markets drop as Trump threatens Iran strike

“Markets slide as Trump’s threats against Iran and abrupt G7 exit heighten investor fears, boosting oil prices amid rising inflation concerns.”

Published

13 hours ago

June 18, 2025

Ahron Young

“Markets slide as Trump’s threats against Iran and abrupt G7 exit heighten investor fears, boosting oil prices amid rising inflation concerns.”

Markets Drop As Trump Threatens Iran Strike — President Trump’s hardline stance on Iran and his early G7 departure spooked investors.

Stock markets slumped while oil and energy surged, raising concerns over inflation and global trade instability. With Middle East tensions flaring, Wall Street braces for more volatility.

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#Markets #IranTensions #WallStreet #OilPrices #TradeWar #TrumpNews #EconomicOutlook #StockMarket

News

Israel targets Iran’s Fordow facility amid tensions

Israel seeks to damage Iran’s Fordow facility before halting operations; Trump suggests US knows Khamenei’s location, avoids assassination.

Published

15 hours ago

June 18, 2025

Ahron Young

Israel seeks to damage Iran’s Fordow facility before halting operations; Trump suggests US knows Khamenei’s location, avoids assassination.

In Short:
Israel aims to damage Iran’s Fordow nuclear facility and is seeking US assistance, despite uncertainty about American military involvement. Tensions rise as President Trump holds national security meetings, contemplating military options against Iran.

Israel plans to continue its operations against Iran until the Fordow nuclear facility is significantly damaged. The facility, located underground near Qom, is crucial for uranium enrichment.

Israel acknowledges that its own military capabilities cannot reach the depths of Fordow, but it is relying on the United States for support.

Israel’s National Security Advisor, Tzachi Hanegbi, indicated ongoing discussions with US officials but expressed uncertainty regarding US involvement in military actions.

Iran’s nuclear weapon

Many in Israel and the West suspect that Fordow is part of Iran’s nuclear weapon development, a claim that Iran denies.

President Donald Trump left the G7 summit early due to this ongoing conflict and convened a national security meeting at the White House.

The meeting, which lasted nearly two hours, included key security figures such as CIA Director John Ratcliffe and Director of National Intelligence Tulsi Gabbard.

Reports suggest that Trump is considering the use of a “bunker buster” bomb against Fordow.