Comments by "" (@pwillis1589) on "Albanese government to double tax on superannuation balances above $3 million" video.

@jackreacher3234 Absolutely. Well done I applaud you. And if you have accumulated over $3 million in super which is designed for retirement savings not wealth accumulation then pay a higher rate of tax. Simple.
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@GreyManTheory I do agree with you sentiment and feel that reducing the tax benefits for wealthy individuals is a vote winner with the average wage earner. I’m retired and receive quite generous tax concessions. I have no problem paying extra tax to equip of defence force, educate our youth, or care for our elderly. I would have thought this is what makes a civilisation.
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@jimlofts5433 Yes, I was only being flippant before as anyone that has over $3million in super doesn’t need you or I keeping an eye out for them.
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@jimlofts5433 Spot on. With and increase in tax revenues should come some spending restraints. Unfortunately neither the LNP or Labor have been able to reduce spending since 2008. If Rudd hadn’t gone ahead and legislated the income tax cuts he did, the budget would be in surplus today.
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If my children have accumulated over $3million in super they certainly don’t require any tax benefits in retirement and will live extremely comfortable for the rest of their lives.
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@stewatparkpark2933 Yes I understand bracket creep and inflation and my point still stands I can only hope my children have accumulated over $3 milllion in super. If they are earning that much to be able to do that they certainly don’t need a generous tax concession as well. Give that tax concession to someone earning average wages.
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This effects about 0.3% of the population of our most wealthy. They can afford it and the vast majority of Australians I believe will support this tax change.
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@stewatparkpark2933 Well my personal circumstances are irrelevant. I’m a self funded retiree with some investments. So even though I’m over 60 I still pay my fair share of tax, but also get some tax concessions and of course the expenses incurred in administering my investments are tax deductible. I consider myself to be fairly generous in my charitable donations. But all of that is just anecdotal and evidence of nothing. The principal is superannuation was designed for retirement spending not wealth accumulation.
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Just as a side note apparently there is one person who has $500 million in super. So let's just say if they had of been forced to pay 30% tax on that instead of 15% that's $22500000 million that could of gone into aged care.
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@Shameless888 There is much in your reply I agree with.
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Are you sure someone who has accumulated over $3 million in super is eating bugs unless you mean Moreton bay bugs with a Sav Blanc
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It effects 0.3% of the population, who care if a few more pay more tax.
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@Leftism is Cancer Not proportionally. Perhaps if you take it on a purely income tax rate, but when you include GST and other state and federal taxes particularly the concessions on capital gains the top 5% of earners a doing very nicely as evidenced by all the data.
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@Leftism is Cancer You are confusing corporate tax and income tax with tax on superannuation. They are not same.
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@Leftism is Cancer And I have no problem with that. You are confusing wealth generation, which again there is nothing wrong with and the businesses Forest and Rineheart run contribute greatly to the country. This discussion is about super and the tax benefits one receives for it to encourage one to save for retirement. Superannuation is for you to spend in retirement not for wealth generation or a means to save an inheritance. So yes you are still confused.
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@Leftism is Cancer Let's say it is Rinehart, she is 69 now and she works for another 10 years and lives to 90, do you really think she needs to be spending $40000 a day as a 90 year old. Not that she doesn't have a right to only that the average taxpayer shouldn't be subsidising that lifestyle.
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@Leftism is Cancer If you are calling for the reform of how we tax private and public companies in Australia you have my vote.
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