tax - Economics Students Society of Australia

The Good, The Bad, and the Weird: Tax Edition

There is a saying about the ubiquity of taxes which is itself so ubiquitous it isn’t even worth wasting my word count on. Instead, I’ll pose this question to you all: do you like tax? If your answer is yes, then you are either: a) my mother or

global minimum corporate tax rate

Do we need a global minimum corporate tax?

What is a global minimum corporate tax? A global minimum corporate tax would set the same minimum tax rate for companies globally, regardless of their operational locations. The tax rate, alongside the proposal to tax businesses solely based on their locations of profit, are the two core pillars of the

ausecon

Taxing Times: 'States' Responsibilities'

In the wake of the COVID-induced recession late last year, I brought ESSA readers an article on the most exigent suite of reforms at the Federal level. However, as we’ve entered the second quarter of the 2021 with the virus well and truly suppressed, there is a conversation to

federal election 2019

Federal Election 2019: A primer on tax policy

The Coalition As per the 2019 Federal Budget, the Coalition has sought to sustain a ‘tax cuts for all’ policy, which importantly sees a flattening of the tax bracket system. Employing a ‘staged’ method, the Coalition seeks to gradually increase the upper threshold of the 32.5 per cent tax

Australian government

Inequality, tax and the budget – part 1

A high school student asked the following to a panel of economists at the National Press Club in Canberra this week: ‘What can young people such as myself expect from this year’s budget?’ Angela Jackson, one of the economists on the panel, replied: ‘Probably not a lot, and that

australian politics

#ScoMo: Unmasking Australia’s 30th Prime Minister – Part 1

While Morrison was triumphant in a three-way contest for party leadership against resigned Deputy Prime Minister Julie Bishop and resigned Minister for Home Affairs Peter Dutton, the former Treasurer remains a mystery figure to the Australian public. So, what can we expect from the nicknamed ‘ScoMo’ and how is the

economics

Of death, taxes and silvers spoons: An argument for the inheritance tax’s reinstatement

According to Benjamin Franklin, there are just two certainties in this world: death and taxes. Ironically, the same cannot be said about the much-debated ‘death tax’, which has experienced wavering political support in recent decades. Its unpopularity has led many countries to completely abolish the tax, with Australia being the

australian politics

Election 2016: The Taxation Debate

Australia’s taxation framework is a focal point for budget repair in the upcoming election. Multinational Tax Avoidance With politicians hammering on about tax avoidance, the Coalition has proposed a Tax Integrity Package to tackle the concern. Features of this package include a new stringent Diverted Profits Tax (DPT) to

budget

Nominal Interest

In the newest episode of Nominal Interest, catch up on what Priyanka Banerjee, Tom Crowley, James Maccarrone and Sam O’Connor had to say in the aftermath of the Federal Budget, comparing the policies of both Labor and the Liberals. Meanwhile over in the Philippines, the panel discusses how voter

federal budget

The story of the real Australian economy: Part 4 – The federal budget & the victims of political folly

“What are the most pressing economic issues the government should be tackling right now?” “Well the current and previous governments are avoiding the obvious problem, they’re not focusing on reducing the deficit!” That is a small excerpt from a conversation I had with someone a few days after the

consumption

No taxation without contemplation

‘No taxation without representation’ was the war cry that drew the American people from apathy to avid opposition at the onset of the American Revolution. Today, we do not face the same peril of colonial burden experienced by the founding fathers. But we do face taxation peril at the hands

banks

Editors’ Picks — 24th May 2015

This week in economic news, a number of global banks have plead guilty to criminal charges, paranoia builds in regard to the housing bubble, Joe Hockey endorses a land tax and the relevance of mathematics to macroeconomic theory is questioned. How ‘Mathiness’ Made Me Jaded About Economics — Noah Smith Noah

budget 2015

Tax me if you can

The recent tax white paper issued by the federal government has opened up a debate over the tax system in this country. Many people are looking for ways to both address the deficit and boost economic growth. This balancing act is an extremely difficult task, so we shouldn’t necessarily

economics

Editors' Picks — 19th April 2015

This week in Editors’ Picks we take a look at why a land tax might be the solution to the tax reform, the reasons for the plummeting price of iron, why it is a societal problem when the brightest students pursue jobs in finance, how the ATO is reaching out

age of entitlement

Welfare economics: should Australia abolish the Age Pension?

My fellow friends, this year our ‘glorious’ government delivered one of the most unpopular budget outcomes in Australian history. Sweeping cuts have been made across all welfare programs, and tougher rules have been enforced, especially in regard to Age Pension claims. The minimum pension age will rise to 70 in

AFL

Equalisation in the AFL: a modern take

Following the introduction of the salary cap and player draft system in 1986, the Australian Football League has done a great job of restoring the overall level of competitive balance in the competition. Studies by Ross Booth have shown that the level of balance between teams has converged towards a

auspol

Carbon cost: reflecting upon the repeal

The carbon tax. Briefly here; now it is gone. On Thursday, with a motley crew of new crossbenchers finally pulled into line, Tony Abbott achieved the act that has fundamentally driven his rise from an outlying frontbencher to Prime Minister over the past five years. The repeal of Labor’s

economics

Time for the states to have income tax?

Taxation is something all economists know about. As undergraduates, we learn about the costs created by taxation when it distorts incentives. In first year the cost is represented by a deadweight loss triangle. In later years we learn more about the costs of taxation. We see how taxation can have

auspol

Taxation gone topsy-turvy

After reading last week’s Federal budget, Australians could be forgiven for thinking the world has gone completely topsy-turvy. How is it that a deficit levy and an ongoing rise in fuel tax has been introduced by none other than new Prime Minister Tony Abbott, who has only recently been

apple

Dealing at arms-length: sinking dubious tax havens

The global reputation of many behemoth multinationals has been tarnished by their dubious international tax arrangements. Among the worst offenders are Apple, Google and Starbucks. From 2009 to 2011 Apple alone managed to avoid taxes on $44 billion of its global profits. An Australian Financial Review investigation reveals since 2002

australian politics

Homelessness, housing affordability and unsound public policy - Part 2

In my previous article I wrote about housing affordability and the first homebuyer’s scheme as an example of unsound public policy that exacerbates the housing affordability problem. In this article, I shall turn my attention towards tax concessions and consider their impact on housing affordability. What are these tax

clean energy

Spain’s tax on sunlight - the candle makers’ tax?

In the mid-2000’s Spain embarked on a solar power revolution: 2008 alone saw solar-energy capacity increase by 400%, accounting for half of the world’s new solar-power installations[i]. Yet five years on, many of Spain’s solar-energy companies are on the verge of bankruptcy as revenues and demand

australia

Election 2013 - let’s talk tax reform!

This article forms part of an ongoing series looking at economic issues as Australia heads into the Federal Election. More coverage can be found on the Election 2013 page of ESSA’s website. This election campaign has already seen its fair share of gaffes, negative ads and costings claims. Perhaps

commodities

Economic zoning – the way forward for Australian prosperity?

This article forms part of an ongoing series looking at economic issues as Australia heads into the Federal Election. More coverage can be found on the Election 2013 page of ESSA’s website. We are now in the second week of Australia’s (seemingly eternal) election campaign. One of the

2013

The economics behind the politics of the federal budget

The Federal Budget is fundamentally – perhaps with a bit of accounting incorporated – an economic conception, right? Wrong. While in an ideal world the political implications of fiscal budgetary processes would be disregarded, the reality is that politics ultimately determines the economics of all government budgets – albeit to various extents. Perhaps