Posted on 03/29/2015 5:32:03 PM PDT by dynachrome
The Federal Government looks set to introduce a tax on bank deposits in the May budget.
The idea of a bank deposit tax was raised by Labor in 2013 and was criticised by Tony Abbott at the time.
Assistant Treasurer Josh Frydenberg has indicated an announcement on the new tax could be made before the budget.
The Government is heading for a fight with the banking industry, which has warned it will have to pass the cost back onto customers.
Mr Frydenberg is a member of the Government's Expenditure Review Committee but has refused to provide any details.
(Excerpt) Read more at abc.net.au ...
Budget 2015: Federal Government set to introduce tax on bank deposits, Labor accuses Tony Abbott of backflipping on election promise
the future of Australian banking just got complicated
Abbott in political suicide
Coming to a country near you. IRA’s, pensions, and 401k’s are vulnerable as well.
How STUPID can the radical left get ???
Buy stock in Australian mattress stores.
Setting a wildfire they are.
Why even use banks anymore?
Hell they don’t pay any interest.
Thet charge you fees and use your money to lend it to others
The IRS can levy your accounts if you owe back taxes.
Attorneys can garnish our accouts viz lawsuits that demand unjust and/or unusually high judgment amounts because of the greed of their own or the plaintiffs. I know there are justified lawsuits and judgment amounts but they are the exception rather than the norm.
The bank allows the IRS to spies on your accounts through Obamacare and enforcement actions
I guess bak to wall safes and matresses it is...: )
Price of gold and silver to rise
Why even use banks anymore?
Hell they don’t pay any interest.
They charge you fees and use your money to lend it to others
The IRS can levy your accounts if you owe back taxes.
Attorneys can garnish our accouts via lawsuits that demand unjust and/or unusually high judgment amounts because of the greed of their own or the plaintiff’s. I know there are justified lawsuits and judgment amounts but they are the exception rather than the norm.
The bank allows the IRS to spy on your accounts through Obamacare and enforcement actions
I guess bak to wall safes and matresses it is...: )
Just like Bush I “No new taxes.”
Just like Thatcher and the head tax.
People elect conservatives to cut government spending and promote economic growth, not raise taxes or put new taxes on bank deposits (Abbott)or luxury taxes on yachts, autos and private airplanes (Bush I).
A version of “walk into a store” tax, “parking tax”, etc., planned.
The Looting Begins Anew
Some states already do this.
This article doesn’t include enough information to enable competent judgement.
I am not familiar with Australian tax system and I believe most on this thread are clueless as well.
It is probably that they haven’t taxed interests as a taxable income previously and going to start soon.
I believe it is pretty much in line with practices around the world.
Taxation of the whole deposit simply doesn’t make any sense and it is something you can expect in African nation or Cuba, not in any Western country.
You are both very correct
These are the Aussie ‘conservatives’
The problem is Australia has a budget crisis and the Labor and Green dominated Senate won’t let the government make the necessary cuts to try and get debt under control. The government is having to look at options like this because they need to come up with something that the Senate will pass.
And if the entire Liberal Party refuses to vote for it?
They won’t. This is either political strategy designed to expose Labor’s recalcitrance, or it’s a matter of the government judging the budget situation to be so seriously bad that this solution is better than nothing. Labor and the Greens still haven’t passed much of last years budget, which was designed to try and get us back towards stability by making cuts. If the government can’t cut expenditure, it has to either raise taxes or accept ever higher levels of debt. Labor got us into this mess. They won’t pass the budget that will get us out of it, and as they and the Greens control the Senate, they have that ability.
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