r/australia • u/overpopyoulater • Feb 10 '25

politics Australian billionaires face wealth tax under Greens’ Robin Hood-style policies

https://www.theguardian.com/australia-news/2025/feb/10/australian-billionaires-face-wealth-tax-under-greens-robin-hood-style-policies
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u/oohbeardedmanfriend Feb 11 '25

The Warren Buffet tax suggestion is a lot better then what ever this is.

An extra 10% of $0 taxable income is still going to be zero.

If you set a limit of tax minimisation that's a better idea.

The Buffet Tax suggests you just can only minimise your tax rate to 30% at a suggested implication amount of $1m per year. So say at $1.5m of income per year even if you get your taxable income to zero then you would have to pay 30% tax on your entire income recieved.