Senate Committee hearing on Envy Tax due Tuesday 26th August

123D-M · 08-26-2008, 05:27 AM

Quote:

Originally Posted by AlpineM3E92

Had a wife ONCE who used to winge that she never got a tax return, I used to tell her "if you don't earn it darlin you can't claim it!"

Bottom line, the more tax you pay (aside from any dodgey stuff of course) the more money you must have earnt. I still like WAYs idea though, or worst case lift the maximum TAX threshold further, well over the $200k mark

Count yourselves lucky. Our top tax rate of 50% cuts in at €32k

Alpine* · 08-26-2008, 05:53 AM

Quote:

Originally Posted by 123D-M

Count yourselves lucky. Our top tax rate of 50% cuts in at €32k

That's very harsh.

The variables are the other things like pensions/Healthcare and the like as well as sales taxes etc applied to goods and services (al la GST in Aus and others). My very basic calc is the McD, what does a big M cost in the respective country versus Aus.

Bottom line is the LCT sucks, nothing worse than a tax on a tax IMO.

WAY · 08-26-2008, 06:34 AM

I think increasing max tax rate to $200k would not be enough if between $100 and $200k it is still at 41.5%. They really need to reduce the tax rates across the board. Fat chance of getting top end tax cuts under Labour govt though.

WAY · 08-26-2008, 06:36 AM

Quote:

Originally Posted by AlpineM3E92

That's very harsh.

The variables are the other things like pensions/Healthcare and the like as well as sales taxes etc applied to goods and services (al la GST in Aus and others). My very basic calc is the McD, what does a big M cost in the respective country versus Aus.

Bottom line is the LCT sucks, nothing worse than a tax on a tax IMO.

Ah the good old Big Mac theorem. For those who aren't Economics student at any point in live, the Big Mac theorem is a proxy for PPP (purchasing power parity) between countries.

123D-M · 08-26-2008, 06:38 AM

Quote:

Originally Posted by WAY

I think increasing max tax rate to $200k would not be enough if between $100 and $200k it is still at 41.5%. They really need to reduce the tax rates across the board. Fat chance of getting top end tax cuts under Labour govt though.

Well do your best and see if you can get all the taxes reduced within the next three years or so. Then i'm coming home and I think I'll be needing a tax holiday after Belgium!

WAY · 08-26-2008, 06:40 AM

Quote:

Originally Posted by 123D-M

Well do your best and see if you can get all the taxes reduced within the next three years or so. Then i'm coming home and I think I'll be needing a tax holiday after Belgium!

I will make sure the Labour govt doesn't completely ruin the economy, and bring back Liberal before you come back, and make sure the Liberals start cutting tax again just for you.

Yep 135 · 08-26-2008, 06:40 AM

Quote:

Originally Posted by WAY

Ah the good old Big Mac theorem. For those who aren't Economics student at any point in live, the Big Mac theorem is a proxy for PPP (purchasing power parity) between countries.

you talking about the 'Mac index'?

123D-M · 08-26-2008, 06:40 AM

Quote:

Originally Posted by WAY

Ah the good old Big Mac theorem. For those who aren't Economics student at any point in live, the Big Mac theorem is a proxy for PPP (purchasing power parity) between countries.

A Big Mac is €3.95 here (about $6.80). I earn about the same EUR as I did AUD but I pay a lot more tax.

WAY · 08-26-2008, 06:45 AM

Quote:

Originally Posted by Yep 135

you talking about the 'Mac index'?

That's the one. I've heard all sort of different names for it. But it's accuracy is questionable. I mean, in India, they don't sell beef in McD's do they? And surely beef is much more expensive in Japan hence Big Macs are much more expensive?

Alpine* · 08-26-2008, 06:49 AM

Quote:

Originally Posted by 123D-M

A Big Mac is €3.95 here (about $6.80). I earn about the same EUR as I did AUD but I pay a lot more tax.

That does it.

I definately won't be buying a Big Mac the next time I am in Antwerpen!

123D-M · 08-26-2008, 06:52 AM

Quote:

Originally Posted by AlpineM3E92

That does it.

I definately won't be buying a Big Mac the next time I am in Antwerpen!

I wouldn't recommend it. Besides there are much nicer things to eat here!

Oh, and there is almost no tax on beer, all 800 different Belgian varieties. A glass of beer in a restaurant is between €1.50 and €3.20. Cheaper than Coca Cola.

BMWDave · 08-26-2008, 06:57 AM

Quote:

Originally Posted by Yep 135

you talking about the 'Mac index'?

Yes, it's simple burgernomics :smile:

sevo · 08-26-2008, 07:24 AM

Man, you guys are old.

My understanding is that the new international comparison is actually the IPOD. NOW the ingredients, place of manufacture and building costs per unit are uniform, making it more appropriate..

It also carries less calories.......:biggrin:

Yep 135 · 08-26-2008, 07:24 AM

'Burgernomics' Love it. The PM and Treasurer use this i think. The 'Mac index' is universal but as always there are exeptions. Does ring true mostly. Use as aguide not as gospel.
Yep.

WAY · 08-26-2008, 07:32 AM

Sevo, I have never heard of that! Ipod, that is brilliant!

professor · 08-26-2008, 07:42 AM

well well. off work and back to work, what? :smile: you can calculate it yourself on the back of the envelope by taking PPP measures for real GDP/capita to get your deflators for rer adjustment.

WAY · 08-26-2008, 07:43 AM

I was just waiting for our Economics Professor to chime in! lol

minijet · 08-26-2008, 06:59 PM

http://news.smh.com.au/national/gree...0825-41j5.html

http://news.smh.com.au/national/govt...0820-3yip.html

harpoon · 08-26-2008, 08:15 PM

So is the 135 conisdered a gas guzzler? Surely not. It's so little and cute.

amk2912 · 08-26-2008, 09:05 PM

I guess the Greens are trying to head towards an emissions tax similar to the UK. Guess us 135i drivers are stuffed either way. My extra LCT was about $2400.

ExMX5 · 08-26-2008, 09:51 PM

"The fate of the budget's $555 million increase in the tax on luxury cars is in the hands of the cross benchers and looking bleak, with the Coalition committed to opposing it."

http://smallbusiness.smh.com.au/star...914294286.html

If the tax increase/LCT in general is re-legislated to be emissions based it won't come into effect until next year so we look good...(unless they decide to make it integral with road tax - in which case everyone with an XR8 better look out!)

ExMX5 · 08-27-2008, 08:29 PM

"THE Coalition has confirmed it will block the luxury car tax on the basis it was "the politics of envy", risking another $555 million hole in the Rudd Government's first surplus."

http://www.theaustralian.news.com.au...3-2702,00.html

08-26-2008, 06:34 AM	#25
WAY Brigadier General 458 Rep 4,822 Posts Drives: Fast ones Join Date: Jul 2007 Location: Melbourne, Australia iTrader: (0)	I think increasing max tax rate to $200k would not be enough if between $100 and $200k it is still at 41.5%. They really need to reduce the tax rates across the board. Fat chance of getting top end tax cuts under Labour govt though.
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08-26-2008, 07:24 AM	#35
sevo New Member 1 Rep 24 Posts Drives: Join Date: Jun 2008 iTrader: (0)	Man, you guys are old. My understanding is that the new international comparison is actually the IPOD. NOW the ingredients, place of manufacture and building costs per unit are uniform, making it more appropriate.. It also carries less calories.......:biggrin:
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08-26-2008, 07:24 AM	#36
Yep 135 Lieutenant 11 Rep 591 Posts Drives: BMW 135 manual Join Date: Oct 2008 Location: Canberra iTrader: (0)	'Burgernomics' Love it. The PM and Treasurer use this i think. The 'Mac index' is universal but as always there are exeptions. Does ring true mostly. Use as aguide not as gospel. Yep.
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08-26-2008, 07:32 AM	#37
WAY Brigadier General 458 Rep 4,822 Posts Drives: Fast ones Join Date: Jul 2007 Location: Melbourne, Australia iTrader: (0)	Sevo, I have never heard of that! Ipod, that is brilliant!
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08-26-2008, 07:42 AM	#38
professor Major 46 Rep 1,473 Posts Drives: Z4 M40i Join Date: Mar 2008 iTrader: (0)	well well. off work and back to work, what? :smile: you can calculate it yourself on the back of the envelope by taking PPP measures for real GDP/capita to get your deflators for rer adjustment.
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08-26-2008, 07:43 AM	#39
WAY Brigadier General 458 Rep 4,822 Posts Drives: Fast ones Join Date: Jul 2007 Location: Melbourne, Australia iTrader: (0)	I was just waiting for our Economics Professor to chime in! lol
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08-26-2008, 06:59 PM	#40
minijet Lieutenant 46 Rep 545 Posts Drives: Train Join Date: Jun 2008 Location: Australia iTrader: (0)	http://news.smh.com.au/national/gree...0825-41j5.html http://news.smh.com.au/national/govt...0820-3yip.html
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08-26-2008, 08:15 PM	#41
harpoon Lieutenant 12 Rep 440 Posts Drives: e92 M3 Join Date: May 2008 Location: Syd iTrader: (1)	So is the 135 conisdered a gas guzzler? Surely not. It's so little and cute. __________________ E92 M3
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08-26-2008, 09:05 PM	#42
amk2912 Lieutenant Colonel 87 Rep 1,663 Posts Drives: '10 X5 40d & '12 F10 520d Join Date: Dec 2007 Location: Perth iTrader: (0)	I guess the Greens are trying to head towards an emissions tax similar to the UK. Guess us 135i drivers are stuffed either way. My extra LCT was about $2400. __________________ 2012 BMW F10 520d M-Sport 2010 BMW E70 X5 xdrive40d
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08-26-2008, 09:51 PM	#43
ExMX5 Engineering Tool 5 Rep 152 Posts Drives: Join Date: Aug 2008 iTrader: (0)	Yes!!! "The fate of the budget's $555 million increase in the tax on luxury cars is in the hands of the cross benchers and looking bleak, with the Coalition committed to opposing it." http://smallbusiness.smh.com.au/star...914294286.html If the tax increase/LCT in general is re-legislated to be emissions based it won't come into effect until next year so we look good...(unless they decide to make it integral with road tax - in which case everyone with an XR8 better look out!) __________________ 135i M-sport Convertible <> Monaco Blue, Lemon Interior, Brushed Al Trim, Black Rag, Hi-Fi, Pro Nav, Front/Rear PDC, BMW Performance SSK Due December 15th!
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08-27-2008, 08:29 PM	#44
ExMX5 Engineering Tool 5 Rep 152 Posts Drives: Join Date: Aug 2008 iTrader: (0)	"THE Coalition has confirmed it will block the luxury car tax on the basis it was "the politics of envy", risking another $555 million hole in the Rudd Government's first surplus." http://www.theaustralian.news.com.au...3-2702,00.html __________________ 135i M-sport Convertible <> Monaco Blue, Lemon Interior, Brushed Al Trim, Black Rag, Hi-Fi, Pro Nav, Front/Rear PDC, BMW Performance SSK Due December 15th!
	Appreciate 0 Quote