Drowning in Debt
Ranked 13th in the world for external debt, Australia continues to drown. This debt growing as each year passes. The reason for this crisis is Australian government’s spending outweighing its revenue received through taxes. Our revenue and spending are becoming great issues as they both persist to exponentially increase every year. Taxes are one of the most significant aspects keeping our country running. In particular, corporate taxes being one of the main forms of revenue. Prime Minister, Malcolm Turnbull has proposed to cut these taxes to a lower rate. These cuts have not been analysed in depth and the negative impacts have not been considered. As young adolescents, we are the future for this country. It is time we become educated in involve ourselves among this topic. Rapidly approaching adulthood, taxes will soon have direct effect on us and our lives. By allowing the decrease in these rates, our country is tolerating punishment to the poorer as the richer continue to gain wealth.
As part of Turnbull’s proposal, it showed that he believed these cuts would be beneficial as by decreasing this rate it is believed it will encourage and attract more international investors as well as give incentive for …show more content…
Once the money is lost it is very hard to bounce back. These cuts will lower our budget even further than it already is and will cause the government to have no choice than to cut other significant aspects such as welfare. Australia prides itself on being a generous country, willing to give to those in need but how will we give if we don’t have enough ourselves? Consequences to the tax cuts will hit hard to those receiving benefits from the government. Already have been revised in recent years due to budget issues, which caused dramatic effects and great outrage within society, this problem will arise once again when more cuts are necessary to withstand the government’s
Ranked 13th in the world for external debt, Australia continues to drown. This debt growing as each year passes. The reason for this crisis is Australian government’s spending outweighing its revenue received through taxes. Our revenue and spending are becoming great issues as they both persist to exponentially increase every year. Taxes are one of the most significant aspects keeping our country running. In particular, corporate taxes being one of the main forms of revenue. Prime Minister, Malcolm Turnbull has proposed to cut these taxes to a lower rate. These cuts have not been analysed in depth and the negative impacts have not been considered. As young adolescents, we are the future for this country. It is time we become educated in involve ourselves among this topic. Rapidly approaching adulthood, taxes will soon have direct effect on us and our lives. By allowing the decrease in these rates, our country is tolerating punishment to the poorer as the richer continue to gain wealth.
As part of Turnbull’s proposal, it showed that he believed these cuts would be beneficial as by decreasing this rate it is believed it will encourage and attract more international investors as well as give incentive for …show more content…
Once the money is lost it is very hard to bounce back. These cuts will lower our budget even further than it already is and will cause the government to have no choice than to cut other significant aspects such as welfare. Australia prides itself on being a generous country, willing to give to those in need but how will we give if we don’t have enough ourselves? Consequences to the tax cuts will hit hard to those receiving benefits from the government. Already have been revised in recent years due to budget issues, which caused dramatic effects and great outrage within society, this problem will arise once again when more cuts are necessary to withstand the government’s