The following explanation by economist, professor, author, lawyer, and political commentator Robert Reich, applies to the situation in the United States; The same can be applied to Australia The only difference is that the amount, will differ, due to a smear economy and population. But it will still be an equivalent to meet similar needs. Taxation reform and on this scale should be part of our conversation.
How much would taxing the rich raise over 10 years?
Wealth tax: $2.75 trillion
Funding the IRS: $1.75 Trillion
Taxing Wall St trades: $777 Billion
Repealing Trump tax cuts: $500 Billion
Raising the top tax rate by 1%: $123 Billion
Eliminating loopholes: $119 Billion Total: $6 Trillion. Nearly double the cost of Joe Biden’s Build Back Better reconciliation bill.