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Debate on Addressing Income and Wealth Inequality among the Australian People
- 1 Jinan Foreign Language School, Jinan, 250108, China
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Abstract
In Australia, the issue of income and wealth inequality has steadily intensified over the past few decades, posing a concerning trend in this developed nation. This rising economic disparity not only impacts the financial well-being of citizens but also affects the national economy and political landscape. John Passant, who is committed to investigating ways to alleviate inequality in Australia, has put forth a tax reform proposal encompassing two distinct approaches--Buffet Rule for both individuals and companies and wealth taxes. However, it is essential to note that two other papers present contrasting viewpoints, casting doubt on the effectiveness of Passant's proposals. These two papers raise specific points of contention, prompting a nuanced and skeptical examination of Passant's suggestions, considering the diverse perspectives and empirical evidence presented. In evaluate, mitigating the income and wealth inequality in Australia necessitates a comprehensive and well-informed approach that takes into account the broader economic and social context.
Keywords
Australia, Inequality, Buffet Rule, Wealth taxes, Rebuttal
[1]. Passant, J. (2017). Tax, Inequality and Challenges for the Future. In R. LEVY, M. O’BRIEN, S. RICE, P. RIDGE, & M. THORNTON (Eds.), New Directions for Law in Australia: Essays in Contemporary Law Reform (pp. 49–58). ANU Press. http://www.jstor.org/stable/j.ctt1ws7wbh.8
[2]. Akgun, O., B. Cournède and J. Fournier (2017), "The effects of the tax mix on inequality and growth", OECD Economics Department Working Papers, No. 1447, OECD Publishing, Paris, https://doi.org/10.1787/c57eaa14-en.
[3]. Scheuer, F., & Slemrod, J. (2021). Taxing Our Wealth. The Journal of Economic Perspectives, 35(1), 207–230. https://www.jstor.org/stable/27008021
[4]. The Luxembourg Wealth Study Database
[5]. The National Economic Council, The Buffett Rule: A Basic Principle of Tax Fairness (Washington, April 2012), obamawhitehouse.archives.gov/blog/2012/04/10/white-house-report buffett-rule-basic-principle-tax-fairness (viewed 2 May 2016).
[6]. The Greens, ‘Buffett Rule: A High-Income Tax Guarantee’, greens.org.au/buffett-rule (viewed 3 May 2016); Katherine Murphy, ‘Labor Faces Internal Wrangle Over “Buffett rule” to Stop Wealthy Avoiding Tax’ , The Guardian Australia 4 April 2017, www.theguardian.com/australia-news/2017/apr/04/labor-faces-internal-wrangle-over-buffett-rule-to-stop-wealthy-avoiding-tax (viewed 6 April 2017).
[7]. Australian Taxation Office, Corporate Tax Transparency Report for the 2014– 15 Income Year (Canberra, 2017), www.ato.gov.au/business/large-business/in-detail/tax-transparency/corporatetax-trans parency-report-for-the-2014-15-income-year/?page=5#Net_losses_and_nil_tax_payable (viewed 6 April 2017).
[8]. Thomas Piketty, Capital in the Twenty-First Century (The Belknap Press of Harvard University Press, Cambridge, Massachusetts, 2014).
[9]. Bob Douglas, Sharon Friel, Richard Denniss and David Morawetz, Advance Australia Fair? What to Do About Growing Inequality in Australia (Australia21, 2014) 17, gallery. mailchimp.com/d2331cf87fedd353f6dada8de/files/1b2c7f48-928f-4298-81db-cf053a22 4320.pdf (viewed 3 May 2016).
Cite this article
Zhang,D. (2024). Debate on Addressing Income and Wealth Inequality among the Australian People. Advances in Economics, Management and Political Sciences,97,89-94.
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