Comments on: Playing with LITO numbers http://blog.libertarian.org.au/2008/06/07/playing-with-lito-numbers/ Australian Libertarian Society Blog Sat, 11 Feb 2012 00:45:45 +0000 hourly 1 http://wordpress.com/ By: LITO 2009-09 (take 2) « Thoughts on Freedom http://blog.libertarian.org.au/2008/06/07/playing-with-lito-numbers/#comment-48709 Wed, 18 Jun 2008 20:09:02 +0000 http://alsblog.wordpress.com/?p=666#comment-48709 [...] 2009-09 (take 2) Last week I attempted to show the effect of the low income tax offset (LITO) by creating an amended income [...]

]]> By: TerjeP (say tay-a) http://blog.libertarian.org.au/2008/06/07/playing-with-lito-numbers/#comment-48706 Wed, 18 Jun 2008 19:04:24 +0000 http://alsblog.wordpress.com/?p=666#comment-48706 For more details on the LITO changes see:-

http://wopared.parl.net/Budget/2008-09/content/bp1/downloads/bp1.pdf

]]> By: Mark Hill http://blog.libertarian.org.au/2008/06/07/playing-with-lito-numbers/#comment-48666 Tue, 17 Jun 2008 04:20:13 +0000 http://alsblog.wordpress.com/?p=666#comment-48666 The LDP’s 30/30 still offers lower tax rates than this new Federal tax plan, yes?

]]> By: derrida derider http://blog.libertarian.org.au/2008/06/07/playing-with-lito-numbers/#comment-48644 Mon, 16 Jun 2008 12:01:52 +0000 http://alsblog.wordpress.com/?p=666#comment-48644 … once we start to include the effects caused by the other “benefits” of the tax/welfare system the simplicity tends to dissipate somewhat (even as the level of fun continues to increase)

Too right. A good slab of my career has been spent having just that sort of fun. It’s quite amazing how much fun it gets once you include things such as State public housing rebates, consumption taxes, etc.

]]> By: TerjeP (say tay-a) http://blog.libertarian.org.au/2008/06/07/playing-with-lito-numbers/#comment-48529 Wed, 11 Jun 2008 22:53:09 +0000 http://alsblog.wordpress.com/?p=666#comment-48529 Thanks Peter. I’ll rework the numbers.

]]> By: Peter Ferguson http://blog.libertarian.org.au/2008/06/07/playing-with-lito-numbers/#comment-48513 Wed, 11 Jun 2008 10:14:51 +0000 http://alsblog.wordpress.com/?p=666#comment-48513 http://www.aph.gov.au/budget/2008-09/content/overview/html/overview_10.htm

Link to summary of personal tax changes announced in this budget.

This increases the marginal rate earning over $34,000 that you referred to and note that the LITO will increase again next FY.

]]> By: TerjeP (say tay-a) http://blog.libertarian.org.au/2008/06/07/playing-with-lito-numbers/#comment-48508 Wed, 11 Jun 2008 07:38:29 +0000 http://alsblog.wordpress.com/?p=666#comment-48508 Peter – I think you may be correct in which case my table is wrong. I took the reference to an increase in the Wikipedia article to mean that the increase was from the latest budget. In fact it would seem to be from the budget prior. If you can find a reference for the correct figures I’ll redo the table.

]]> By: Peter Ferguson http://blog.libertarian.org.au/2008/06/07/playing-with-lito-numbers/#comment-48498 Wed, 11 Jun 2008 04:07:39 +0000 http://alsblog.wordpress.com/?p=666#comment-48498 I may be wrong but wasn’t LITO increased in the budget to $1200. Thus you pay no tax at $14,000 unless of course you are eligible for MAWTO as I (unfortuately) am. In which case no tax is paid until $15,760 (Not counting Medicare Levy which cuts in at $14603 if you are a part of a couple)

]]> By: Mark Hill http://blog.libertarian.org.au/2008/06/07/playing-with-lito-numbers/#comment-48455 Tue, 10 Jun 2008 03:49:36 +0000 http://alsblog.wordpress.com/?p=666#comment-48455 http://www.regulationtaskforce.gov.au/__data/assets/pdf_file/0011/69734/sub001.pdf

AT least 8.1% of GDP.

Note this guy is a totally worthwhile Liberal Party member. There is hope for them yet or he can jon the LDP.

]]> By: nicholas gray http://blog.libertarian.org.au/2008/06/07/playing-with-lito-numbers/#comment-48454 Tue, 10 Jun 2008 03:35:58 +0000 http://alsblog.wordpress.com/?p=666#comment-48454 A lot of libertarians, like me, talk about abolishing taxes, and getting rid of regulations- let people decide for thenselves if they want to shop in places that health inspectors, with their delicate sensibilities, would gag at. Can a businessman tell us how much of his/her/its time is consumed in complying with regulations at all levels? How much more productive would we be without them? (Of course, I also believe that people would take out insurance in place of all these regulations, but they would choose that, and companies would have an incentive to keep their forms as neat and comprehensible as possible, to attract customers.)

]]>