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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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U.S. terror alert “when, not if”

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The FBI director has made a major announcement about the terror threat in the United States right now. So why is he so worried?

 
In a major announcement, the director of the FBI revealed that the United States is currently facing its most heightened terror threat level since October 7.

The nation’s security apparatus is on high alert, with officials reporting a surge in intelligence indicating potential terror plots. #ticker today #featured

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Desperate Zelensky cancels Congress video call

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President Volodymyr Zelensky unexpectedly canceled a videolink appearance to appeal for continued US funding.

 
Ukraine is sounding the alarm, expressing a “big risk” of losing the ongoing conflict if the United States Congress delays crucial aid.

As tensions continue to escalate on the eastern front with Russian-backed separatists, Ukraine has been relying on international support to sustain its fight for sovereignty. #featured

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Will the travel boom continue in 2024?

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Several big events are scheduled in 2024 and travelers say they’re planning to attend.

 
Following the pandemic—pent-up demand to travel exploded.

But, after years of inflation and rising tourism costs—are travelers curtailing plans for 2024 or revving them up?

Casey Hatfield-Chiotti, a Travel Editor, Marin Living Magazine joins Veronica Dudo to discuss. #IN AMERICA TODAY #travel #traveltrends #2024travel #tourism #luxurytravel #hospitalityindustry #MarinLiving #ParisOlympics #solareclipse #featured

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