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本帖最后由 laji 于 2020-4-17 21:43 编辑
astina 发表于 2020-4-17 19:54 
麻烦楼主能否贴下原文全文，在付费墙后看不见。
谢谢
让我试试复制。
就是急着翻译出来， 让更多的同学能看到，
往小里说，关乎大家手里的投资
往大里说，关乎华人的事业前程。
原文/英文作者应该也在赶稿子， 行文有些穿插。我中文近年也退步许多， 版主和同学们多提意见哈。
Scott Morrison has signalled that after the immediate coronavirus-induced crisis, tough and unpopular economic reform decisions are inevitable.
John KehoeSenior Writer
Apr 17, 2020 – 2.50pm
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"Never let a good crisis go to waste," Winston Churchill famously said.
Now Scott Morrison is signalling that after the immediate coronavirus-induced economic crisis, tough and unpopular reform decisions are inevitable.
The International Monetary Fund forecasts the local economy to shrink a huge 6.7 per cent this year, the biggest contraction since the Great Depression in 1931.
RBA governor Philip Lowe warned the national cabinet on Thursday the status quo economic policies of the past two decades will need to change. Bloomberg
Australia faces its greatest economic crisis in generations, with coronavirus containment measures poised to lift unemployment towards 10 per cent.
Reserve Bank of Australia governor Philip Lowe warned the national cabinet on Thursday the status quo economic policies of the past two decades will not be enough to support employment, investment, productivity and people's living standards in the years ahead.
So Morrison, Treasurer Josh Frydenberg and state leaders must develop a ruthless national economic blueprint in coming months.
Sacred cows that were deemed political no-go zones must be on the table.
Morrison warns past election pledges may be broken.
Former Treasury secretary John Fraser says, "Morrison is right - it will have to be something out of the ordinary given the circumstances."
Top of the list should be a taxation overhaul, permanent industrial relations changes to make it easier for struggling firms to take a chance on new employees, a coherent energy and climate framework and cutting red tape that is strangling small business.
The 10 per cent GST rate is about half the average rate of consumption taxes overseas.
The 125 recommendations in former Treasury secretary Ken Henry's 2010 landmark tax review are an obvious starting point.
The current arcane tax system is incapable of efficiently and fairly raising the revenue required for future years.
Australia has the second-highest tax impost on business profits and personal income combined out of 34 of the world's leading economies, the Organisation for Economic Co-operation and Development says. It raises 58.8 per cent of total federal and state government revenue from these sources, well above the OECD average of 34 per cent.
High corporate taxes deter investment, an obvious clash with Morrison's preference for the recovery to be led by business investment.
Generations of future workers alone can't repay the looming $1 trillion debt incurred by today's beneficiaries.
As reviews by the IMF, OECD and other independent economists have repeatedly said, Australia must switch its tax mix to raise more revenue from less economically damaging consumption taxes.
The 10 per cent goods and services tax rate is about half the average rate of consumption taxes overseas.
The politics of the GST are considered dire. Morrison has ruled out touching it despite exploring possible changes as treasurer.
An alternative could be to scrap the GST and adopt Henry's idea for a simpler "cash flow" business consumption tax on a much broader base, including food, health and education.
For business, cutting the 30 per cent corporate tax rate would be costly for an indebted federal budget.
So revenue raising offsets and alternatives must be considered, such as reducing the generosity of tax breaks for capital gains, curtailing franking credits and cutting the roughly $40 billion in superannuation tax breaks.
The 50 per cent capital gains tax break for individuals has mainly been used by people to invest in relatively passive and unproductive assets such as housing and shares already listed on the stock exchange.
The CGT discount replaced inflation indexation in 1999. Inflation and interest rates are significantly lower now so asset prices are less likely to be eaten away by inflation.
Labor's 2018 election policy to half the capital gains tax discount to 25 per cent seems imminently sensible.
A bolder revenue neutral company tax reform would be to adopt a corporate cash flow tax proposed by Ross Garnaut. economic adviser to the great reforming prime minister Bob Hawke.
Garnaut says Australia faces a much deeper crisis than during treasurer Paul Keating's "Banana republic" warning in 1986.
A corporate cash flow tax would give immediate 100 per cent tax deductions for new business investment - a powerful incentive to invest and boost the nation's waning productivity.
Higher productivity is the surest way to achieve higher wages.
The radical proposed corporate cash flow tax would raise more revenue from businesses earning oligopoly profits such as toll roads, electricity transmission companies and Silicon Valley technology giants.
High investing and innovating firms such as biotechnology darling CSL would probably pay less tax.
Multinationals engaged in contrived cross-border profit shifting, debt deductions and tax haven abuse would pay more tax.
Small businesses which cannot exploit international tax arbitrage and are not earning super profits would be winners.
NSW Treasurer Dominic Perrottet is open to expanding the GST. Other reluctant states may also rethink their opposition with their budgets crippled by collapsing property tax revenue.
Perrottet is desperate to transition from ludicrous stamp duty on property purchases to a phased in land tax for real estate owners.
The enormous economic and social benefits include people moving closer to work and new jobs, less congestion, home upsizing by growing families, downsizing by older people and less volatile revenue streams for states.
To achieve the politically fraught shift from a one-off stamp duty to an annual land tax, states may need commonwealth bridging finance or debt guarantees to fill the revenue gap during a phased in transition.
Morrison and Finance Minister Mathias Cormann insist they do not want to raise overall tax levels to pay for the more than $200 billion in emergency spending.
Growing the economy out of the crisis will be the plan. But that inevitably means a switch in the tax mix to sharpen incentives to work and invest. One dollar of tax raised from one tax can be more or less economically damaging than $1 of tax raised from another source.
"The art of taxation consists in so plucking the goose as to obtain the largest possible amount of feathers with the smallest possible amount of hissing," France's finance minister, Jean-Baptiste Colbert, once famously declared.
In other words, the largest possible amount of revenue with the smallest possible amount of economic and political damage.
That's what this crisis demands.
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