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 Empower financial, bank & tax review, replacement of GST & other taxes with a 21st Century Debit Tax, providing Treasury with sufficient funds to finance our policies, more take home pay, no tax on savings or super. Foreign
Debt now exceeds US$1,060 billion. 105,000
people homeless. 22%
of young men out of work. 3
million in poverty. 6.5
million on welfare. Breakdown
in marriages now 50%. Household
debt running at 125% of average income. Crime
bill $31.7 billion. Only
2 out of 5 will have a real job A
widening gap between rich & poor. The
plight of the farmers. Food
imports now exceed $12.5 million per day. Why?
Because the Liberal/Labor two party coalition committed you to globalisation,
sold our assets & violated our sovereignty. Destroying our manufacturing
& rural industries creating massive debts & borrowings resulting in GST,
taxes on savings, super, seniors, assets & peak oil parity fuel price scam,
ensuring you pay the interest. Only
by reforming the Nations finances & taxation can we save Australia from the
control of the CFR. moneymen. POLICY
#8 TAXATION & FINANCE One
Nation will empower finance, bank & tax review, replacing the GST with a
complete reform of the tax system, it is the only way to resolve the inequities,
complexities, disincentives & punishing nature of this tax system, that
imposes too much burden on the shoulders of low & middle income earners
& seniors, whilst large multinational companies are exempt from paying tax
in Australia. It benefits fully imported products, at the expense of Australian
jobs. ONE
NATION proposes replacing it with the 21st Century Electronic Debit Tax, that
will remove all the inequities, supply sufficient revenue direct to treasury,
& eliminate taxation as a political issue. Banking & currency will
return to government control, value of the dollar will be controlled by the
wealth of our resources & not foreign speculation, restrictions on other
Australian financial institutions will be removed, especially credit unions, A
National Superannuation fund will be set up, to invest in national development,
as an alternative to private funds. THE
21ST CENTURY DEBIT TAX To
understand the DEBIT TAX entails a reversal of the normal concept of imposing a
tax. As an accepted practice, taxes have been imposed on ownership, duties,
goods & services, & in later years, on income. Now with the modern
computer, it is possible to impose a tax on an intent to use an amount of money
withdrawn from a bank account, rather than on the ability to pay, as has been
practiced from the beginning of time. Unlike
all other taxation systems the Debit Tax does not require you or any business or
organization to give an account of transactions to the Government. At the moment
of withdrawal, the Treasury department identifies the debit column in a bank
account number, & automatically collects by EFT an added minuscule tax of
EG; (1 cent, per dollar or $1 per $100), from the account, & instantaneously
deposits it into the National Treasury. The
Treasury Department is the only tax collector operating through a chain of
computers linked to all banks & financial institutions & programmed as
part of the monetary system. With the chip, the computer & E-money, it is
possible to completely change the present method of taxation. The
21ST CENTURY DEBIT TAX system is the
most efficient tax system ever devised by man to fund the National Treasury of
any developed nation. Tax
collecting now becomes the function of a programmed computer linked to the
banking system under the control of the Treasury Department. Individuals,
businesses, & corporations will no longer be required to be self tax
collectors as they are today, thus eliminating potential sources of injustice
& corruption. Most
assuring to the ordinary citizen is the knowledge that he will no longer be
faced with the possibility of losing his present possessions because he is
unable to pay his Income Tax. Neither will he be daunted or even terrorized by
the thought of fines or imprisonment because of a delinquent tax. It
will allow for the introduction of such things as free health care & a
secure liveable pension for seniors without means test. Also the introduction of
a Natural Disaster Scheme plus other incentives. The
banking industry is not involved in the Debit Tax system. Government payments
that emanate from the Federal Reserve Bank are not subject to the Debit Tax. The
Debit tax is not usable or collectable by a city, municipality, or state as
these governments are not a part of the monitory system. THE
21ST CENTURY DEBIT TAX,
provides the following advantages:
1.
It replaces all existing Revenue Tax Laws for the
support of the Australian Government & all other Federal taxes.
2. It will supply the necessary revenue for full
financial support of the Australian Government. 3.
No more filling of individual or corporate Income Tax Returns or Business
Activity Statements will be required. 4. There is no tax on profits, Capital Gains, Assets
or Savings. An incentive to save for retirement. 5. There will be no tax on Goods & Services. 6.
There is only one collector, the National Treasury & only one minuscule tax
rate (One Percent) for all. (NO
FAVOURS), linked to all banks & financial institutions. 7.
There is no accounting to the Government on the status of our wealth. 8. Personal wealth will no longer be public
knowledge. 9.
Tax delays, cheating, fraud & tax avoidance or evasion are impossible. 10.
Through automation, tax delinquents & delays are not possible. 11. Not having to pay Income Tax is a great incentive
to investors. 12.
An immediate increase in the value of the Australian dollar will occur. 13. The exclusive use of cash currency becomes
counterproductive. 14.
The Debit Tax is welcome, as it does not interfere with
banking operations. 15.
There will be a continuous flow of Revenue 24 hours a day, every day, collected
by EFT, which is the ultimate in efficiency. 16.
The DEBIT-TAX. is constitutional & an integral part of our modern monetary
tax system, never possible before the computer. 17.
It will allow for the introduction of such things as free health
& education for all. 18.
Also the introduction of a National Natural Disaster Scheme
plus other incentives. 19.
Unemployment will be eliminated. With no taxation barriers,
business can employ more people. 20.
The Taxation Office is abolished, saving pa,
$1,635,536,000.00 21. Will also extinguish our Foreign Debt. 22.
Parity pricing, excise tax & GST on fuel will be removed, reducing uniform
maximum prices of fuel to: Cents
per litre: Petrol 50, Diesel 40 & LPG 20. GUIDE
TO FORMULATING AUSTRALIAN REVENUE On
the basis to bank payments supplied by the Australian Reserve Bank, the Tax Rate
is determined as follows: - The revenue required per year Divided by Bank
payments/withdrawals In Australia $50,000 billion dollars are withdrawn annually
from account numbers through the banking industry. $70,000 billion withdrawals @ 1 cent Tax Rate
produces $700 billion in revenue per year. Totals
Tax Collected 2002-2003 $206.2 billion + GST $31.3 billion. Total
$237.5 billion. Debit Tax provides
an additional $462.500 billion in revenue. Questions
& answers on Debit Tax; Q:
How will the Debit tax affect share trading? There
might be some resistance initially as all share trading is completely tax-free
at present. (One only gets
taxed on profits generated from share trading). Under
the debit-tax system all profits are tax free (as there will be no tax on
income) & the 1% will be paid by the buyer, not the seller, you buy shares
today, pay 1% tax & when you sell the shares in say, 10 years time, there is
no tax on your profit or your capital gains. Q: How will this
system affect the thousands of public servants currently employed by the present
tax system? This will be the golden opportunity for our public
workers to target the money launderers, the black market economy & other
illegal transactions, which are currently sucking so much out of our economy.
Also, the new system will be creating so much employment that those
who wish to leave the public service will be able to do so to follow
their own private ventures. Q: How will
Superannuation work? Superannuation
will no longer have to be paid by employers. Great news for small business. As
the employees are not being taxed on their income (they only get taxed 1% on
their withdrawals) the current 9% Superannuation levy will come off their gross
earnings & go into a Government Fund which will be managed by the Treasury
or a Ministry of Finance to ensure that the returns from each individual are the
same or even better than the Multinationals Superannuation
funds currently managing these funds. This money shall be invested in local
industry, thus providing growth in all sectors including that of employment.
Employees will still have the option to further invest in other private
superannuation funds of their choice to increase retirement savings. This system
will create more jobs as well as guaranteeing the future of the Australian
workers. In brief, an employee who earns $1000 a week will
invest 8% ($80) into the Government Superfund & take home $920, if he or she
spends the full amount of the balance it will only cost them a further 1%
($9.20) thus their NET PAY will be $910.80 instead of $670 which they are
currently taking home. (You don't have to have a PhD in Economics to realize
what this extra net income will do to the economy of any country) FINANCE One Nation is committed to reform of the financial
system, we propose reinstating Australia's "Peoples Bank" eg:
Commonwealth Bank founded by King O'Malley & operated from 1912-1923. It
exercised a powerful check on interest rates during the inflationary WW1 period,
& handled loan allocations at a much lower rate than private banks, with
half the profits being placed to the credit of the National Debt Sinking Fund.
It was so successful that political pressure was bought about to eventually
privatise it. According to the "Chrisby Papers" it
would be constitutionally OK to set up a state peoples bank eg: "Bank of
Queensland" or even the "Bank of Australia". We also propose to
free restrictions on Credit Unions to allow them to compete with foreign banks. One
Nation is ashamed of our Government Ministers who travel around the world with
begging bowls, cringing at the feet of the CFR
(Zionist Bankers) for their cut from the IMF slush funds, & borrowing
money to pay for our imports, foreign aid & fund their economic mis-management
of our economy, defying the Australian Constitution & abrogating their
elected responsibility to the Australian people. One
Nation will correct the situation, starting with taxation & financial
reform, retention of our public assets, developing our vast resources of
minerals & energy, & processing them here, re-regulation to protect our
rural industries & reduce fuel prices & in so doing create wealth, jobs
& prosperity for all Australians. Ref. Debit
Tax Council Australia Inc.‘Decent into Poverty’ Des Griffen ‘Globalisation’ & 22 Steps to
Global Tyranny” Graham Strachan. Rev. CL wk 03/06
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