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Is tax policy contributing to wealth inequality?

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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.

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Money

It takes a village: coordinated financial teams prove paramount to maximising wealth

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The pursuit of wealth is often faced by significant challenges including debt, lifestyle costs, and burnout – so what methods can help overcome these challenges?

Maximising financial opportunities involves a suite of tasks, from leveraging favourable loan rates, strategic tax planning, and coordinated financial advising.

Mark Wyld from MW Wealth joins to discuss more. #featured

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Microsoft recalls ‘Recall AI’ feature over security fears

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Microsoft has announced a postponement in the release of its new Recall AI feature, citing significant security concerns raised during internal testing.

Pope Francis took charge of discussions on the implications of artificial intelligence for global ethics and governance, Reuters reports.

The pope said AI represented an “epochal transformation” for mankind, but stressed the need for close oversight of the ever-developing technology to preserve human life and dignity.

“No machine should ever choose to take the life of a human being,” he said, adding that people should not let superpowerful algorithms decide their destiny.
“We would condemn humanity to a future without hope if we took away people’s ability to make decisions about themselves and their lives, by dooming them to depend on the choices of machines,” he warned.

#featured #trending

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