“Australia seeks to turn theoretical wealth into actual poverty by taxing imaginary money. I hope the world is paying attention.”
https://open.substack.com/pub/quoththeraven/p/australias-unrealized-gain-tax-plan
Discussion
Thank you. It needs attention.
They introduced superannuation to stop paying pensions. Now we pay our own pensions but at reduced tax rates.
Now they want to add the tax back in.
Net net, they just abolish the pension.
Superannuation—just another word for theft.
How about - we just move to a deflationary economy and scrap retirement funds all together?
This is the way.
insanity
This is when you realize how insidious inflation is.
Lots of interesting chatter here in Australia about this
Some interesting points:
- this tax only effects under 1% of super funds
- this tax is not in place for judges and other “important state workers”
- the median super is under 100k aud
Point being, it’s been very easy to persuade both sides of the aisle as it only effects a tiny percentage of the population
Just watch it creep into the wider super industry though
Plus of course, the rich, the most productive, they will just leave if it’s really bad, much like my birthplace the Uk
nostr:nprofile1qyx8wumn8ghj7cnjvghxjmcpz4mhxue69uhk2er9dchxummnw3ezumrpdejqqg86c5f6rnk7684tcaq8cy5ewjzaazam9rkaanh6q95p0lydfaq855t4snwf ... its not indexed so it will creep its way across the majority of the population over time... Oh except for those on the 'exclusions list' (of which there is a legitimate actual list).
MADNESS.
So unfair. So insane.
Yeah this is key, the indexing. So as they print more money, the 3 mil threshold starts to effect more super funds. Clever in some ways
Clear point though: the more you can understand your foe, the easier it is to defend against them
“You will own nothing and be happy.” - WEF
Australia is the beta test to measure compliance and tolerance levels of citizenry.
Norway has had unrealized capital gains tax for a very long time.
Not sure how they've managed to stay one of the wealthiest countries in the world.