PUNCH Magazine weekly

Issue 11

PUNCH Magazine Weekly 17th February 2016
PUNCH Magazine
The Official Weekly humourous and satirical publication of The Whig Party

Issue 11

The Revolutionary Whig Party has lobbied existing incumbents to replace Income Tax ( which yields $433 billion) and GST ( which yields $50 billion) and Stamp Duty with a ( 0.5% * 2) = 1% GST on all bank transactions which would yield $730 Billion in tax / annum

By importing 12 months transactions into a spreadsheet and summing the absolute product of all credits and debits to my Everyday Account, my Savings Account and Credit Card Account and other accounts both here and abroad ( NOT the Cayman Channel Islands Turnbull / Cameron!?) I have computed these to be around $4,817 for a 12 month period or $92 per week

This equates to eg 25 cents for $50 of groceries down at the supermarket or 50 Cents tax paid for $100 of groceries total GST payable by everybody on everything

The Revolutionary Whig Party confirms that no-one polled so far has objected to this level of taxation - especially not for cash transactions
This is a paperless automated tax system accrued on a daily basis so obviating the annual / quarterly monthly BAS returns and cash flow to the government which is immediate

This does not include the savings in forests print cartridges etc and the time spent preparing each and every tax invoice Required to raise this $50 billion yield that does not include the hidden cost underneath the tax yield of the current paper based GST to administer it ie the armies of Tax Accountants and Government bureaucrats whose wages and salaries we have to pay to administer this chronically outdated paper based system which has got to go

The Revolutionary Whig Party has lobbied existing incumbents to replace the GST and income tax in Australia during all this time For the Average 100 hrs / annum to report quarterly BAS private and business Income tax which yields $433 billion / annum While the GST yields $50 billion this system of manual tax returns has got to go Replace the above two laborious systems to be replaced by a $730 Billion AUD Yield for the Federal 1% GST ( 0.5% Credit and 0.5% Debit Tax ) to effect this going through the banking system Payable on all items Where cash transaction are involved

Given that the small business sector creates 90% of employment in Australia This would put Australia top of the G20 in terms of competitiveness and reduction in bureaucracy ( ie tax invoicing and Tax return form filling) This system is possible right away with an immediate transition period

Don't you want your children and grandchildren to be employed!?

Because Poor people don't have any money Individuals are not required to keep records of cash payments (non bank account) transactions eg to fruit and veg farmers markets garage sales etc However Cash Traders must register and report 0.5% cash withdrawal / 0.5% credit and render 25 cents / $50 dollars and keep records And are liable to pay 0.5% on cash receipts ( as well as when paying into the bank)
The payee must report and render 0.5% of cash receipts on every single transaction by a trader who must pay 0.5% credit or 0.5% debit transaction as with bank accounts on a daily basis via the banking system ( and pay the 0.5% credit tax to do so ) to encourage a paperless system

Amnesty on all GST and Income Tax AND Stamp Duty tax fraud before 1% GST

A Bank or other account is defined as a unit or medium of exchange store of wealth of any valuable consideration including internet based LERTS Barter any monetary or valuable credit or debit in the same way as a bank or cash account eg layby

In this way the Independent WHIG PARTY Candidate resolves to clear the National Debt ( standing at $40 Billion ) within 3 months As well as abolish stamp duty GST and income tax The absence of the monthly / quarterly / 6 monthly and Annual ( eg Stocktake) tax cycle WHIG PARTY 1% GST avoids the concomitant economic constipation that results because of the current artificially government induced eg end of year tax delay which becomes a thing of the past while everybody works out how much money they haven't got after they pay the GST and Income Tax!?

May God bless you

PUNCH Magazine weekly

punch magazine.jpg

With apologies to LONDON and his mate CHARIVARI

Tel: 07 5499 6937
Ph: 0416 293 686
Contact Mike

* Conditions apply
Contact Sales

Click here to go to the home pageor press the back button on your browser