Bill and Mal's taxation adventure
On Sunday it was Malcolm... A simple plan - and we can afford it, too By Malcolm Turnbull August 28, 2005 Australia's tax system needs further reform to make it simpler, more efficient and more competitive. Our top marginal rates are too high, although the last budget's reforms mean they now cut in at higher levels of income than they previously did. Most of us would agree that we should have a tax system that is less complex, with rates that are lower. But how do we finance reductions in rates? Where is the money coming from? The answer is that there is a virtuous circle. A simpler tax system will have fewer concessions. This means that the tax base, the income that is available for taxation, will be broader. By broadening the base, we are able to raise the same amount of money with a lower rate. Broadening the base allows you to lower the rate, and vice versa. Simplicity and efficiency go hand in hand. And on Monday it was Bill's turn: Union chief joins call for big tax c