New tax in place of compulsury super

[boronia]

I saw Stephen Jones on TV say compulsory super is not working as intended as it saves the wealthy billions while the most of the rest end up on the pension

How easy would it be just to replace compulsury super with a 10% tax?

The wealthy don't always pay much tax. What would the 10% be based on?

[eddy]

All I am suggesting instead of the 10% compulsory super it is replaced with an annuity that stops when you do.

[Fleet Lists]

And who pays for the annuity?

[eddy]

And who pays for the annuity?

It is paid for with the 10% new tax instead of compulsury super so everything just stays the same.

[Fleet Lists]

If everything stays the same, why bother to change anything?

[eddy]

If everything stays the same, why bother to change anything?

To save Australians $35b in fees every year. https://www.studentsuper.com.au/blog/su ... explained/

[Fleet Lists]

And dont you think there are charges for annuities?

[eddy]

And dont you think there are charges for annuities?

As the federal government raises the tax and pays old age pension I cannot see why it would cost them anything but of coarse if you wanted more than the pension you may have to get some sort of private annuation.

[Fleet Lists]

The pensions cost the government a lot of money. But I cant see where the annuities then come into your argument,

[eddy]

The pensions cost the government a lot of money. But I cant see where the annuities then come into your argument,

OK mate I will put it another way if the fed taxes you 10% more in place of your employer having to pay it, prices will stay the same and the pension can then be paid with it until you die.

It makes a lot of sense to me but I am not an expert on these things.

[eddy]

At present compulsory superannuation benefits the wealthy and they are the ones that call the shots but when Australia finds it has not the income to provide for the basic pension then they will be forced into replacing it with a 10% tax .

How this will be done is a puzzle but I suggest if it is made known at the end of the financial year it will happen people can adjust.

[eddy]

As Biden wants to have an American belt and road to counter the Chinese one using pension funds but if we swap them for a new tax how will that work. https://www.afr.com/world/asia/china-hi ... 628-p5ax64

Maybe he will connect up areas with my train sub most popular comment. https://www.youtube.com/watch?v=HRvVnHXZr20

[eddy]

The world should forget about shonky pension funds that dissapear overnight and replace them with a pension that finishes when you do.

America is in a really bad state financially and they may even default.

[Fleet Lists]

Default on what?

[eddy]

Default on what?

This is what I read https://www.cnbc.com/2023/01/19/yellen- ... limit.html

[eddy]

The Retirement Gamble (full documentary) | FRONTLINE https://www.youtube.com/watch?v=lkOQNPIsO-Q

At 49.00 he says they should scrap the system and start again in America and as it is too complicated and you do not know how long you will live have an extra 10% tax with a pension until you die.

[eddy]

Pension funds are a joke. https://www.youtube.com/watch?v=5PvJIHKe7jA

[eddy]

I agree Labor should not change super after promising not to but the majority of voters NEED a pension until they die as against the minority who WANT to leave an inheritance so I suggest the best time to replace compulsory super with a simple 10% tax would be at the end of this financial year and if most people don’t like it they will get kicked out next election.

[eddy]

MACROBUSINESS says “Tear compulsory super down and start again”

https://www.macrobusiness.com.au/2023/0 ... art-again/

[eddy]

Thought I would bump this up again as compulsury super is definately not working as the Fed wants them to show greater profits and but also does not want them to invest in cigerettes, gambling, coal mines or anything that is no good for the world.

Although there are some who are loving getting rich there are many who only want an annuity.

I strongly suggest you look at this. https://www.macrobusiness.com.au/2023/0 ... art-again/

[eddy]

People say they have not been getting pay rises but it has all gone into stupid compulsory super and people do not know how long they will live.

Better to replace it with an extra tax 10% to provide an annuity to last until you die and the government spends it where needed rather than super funds putting it into coal mines.

2020 https://www.afr.com/companies/financial ... 918-p55x0w

[eddy]

The UK is better with the pension system that it has where it finishes when you do rather than super that get invested in bad stuff, ripped off with fees and eventually being fought over when there is a breakup.

The main reason they are struggling is due to a small country they do not grow or dig stuff to sell.

https://www.afr.com/companies/financial ... 128-p5en86

[eddy]

I love watching National Press Club of Australia but when Jessica said how tough people are having it I thought that she was brainwashed by her dad over compulsory super when even those who supported it originally now say it seemed a good idea at the time.

It could easily be changed by allowing those who have it keep what they have and have a new tax of 10% to pay for an annuity allowing the federal government to spend on the things needed rather than things which make the most profit which are usually bad.

[eddy]

I saw an insurance guy on TV say he would like to sell insurance for if you go into a nursing home and when questioned about who could afford it he replied that we ditch compulsurry super.

[Fleet Lists]

Dont ever trust an insurance guy for this sort of thing. I bet he would like to sell it and make a good profit out of it. Dont fall for it.