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A package of less special deductions and exemptions and low tax rates

Published on 01 Apr 07 by "AUSTRALIAN TAX FORUM" JOURNAL ARTICLE

The paper explores a tax reform package that broadens the income tax base by removing special exemptions and deductions and uses the revenue gained to fund lower tax rates. While a comprehensive income base provides a good benchmark for the taxation of labour remuneration, the income base benchmark is debateable in the case of capital income, both in theory and in the reality of the hybrid system of taxation of different investment and saving options. The removal of special exemptions and deductions provides gains in tax system efficiency, simplicity and horizontal equity.

Author profile:

J FREEBAIRN
University of Melbourne.
Current at April 2007
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