Posted by: Bruce | July 17, 2017

The wonders of me – Apples and the Major Bank Levy Bill 2017

The swinging voterA tax is still a tax by any other name. That’s what I thought when Treasurer Scott Morrison announced the Levy for the five (5) major Australian banks who, so it seems, have been enjoying a secure ride to profit courtesy of Australian taxpayers. And taking credit for efficiency under false pretences. (Is that a banking pun?).

If there is one thing I’ve noticed over the years, it’s that banks don’t tow the line when government policy isn’t to their liking. They do what they want (think Interest Rates and Government huffing and puffing).

I’ve also noticed that Liberal governments occasionally announce a levy, co-payment or tax on ‘big business’ to identify as kindred spirits with the ordinary ‘battlers’ of Australia. That doesn’t fool anyone.

So I wonder. Who is really going to pay for this Major Bank Levy of 2017?

The banks are pouting a little, for show, over this financial imposition. Away from the cameras it’s business as usual. This includes finding ways to pass the Levy to customers.

Now I don’t pretend to know the economics of the Levy’s effectiveness. From what I’ve read it sounds good in theory, but uncertain in practice.

What I’m fairly sure of thoucoolclipsdotcomgh, is that taxes, like apples, are subject to gravity. Eventually they work their way to ground level where kindred spirits roam.

Words for today:     Gravity – an attractive force

More to come:    same blog time, same blog channel

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