If only advisers Persevered like Jane Hume
“Did you know that the marginal tax rate in 1973/74 was 66%? Oh my heavens, thank goodness for the Liberal Party,” our persevering Senator Jane Hume said at the FSC Life Insurance Summit.
And thank goodness for dear Persevering Jane, indeed. Now only dealing with a 45% marginal tax rate on her $264,000 a year Parliamentary salary, which also includes a generous 15.4% superannuation contribution, while she continues to debate the merit of raising the super guarantee to 10%.
Outsider understands that many would argue it’s fair enough that the wealthy should be able to keep as much of their “hard-earned” cash as possible, but in reality, taxation revenue can be used to fund public services like roads, schools and hospitals – particularly if it is in a marginal seat. But also, of course, it can be used to fund corporate regulators.
What is more, when there is not enough tax revenue to fund these services, Governments are required to come up with other ways to fund them, as is the case with the corporate regulator which requires advisers to foot the bill.
Thus, at a time when financial advisers are fleeing the industry due to the costs of fulfilling the education requirements, as well as fees to continue to practice in the industry, hopefully they can remain comfortable knowing that Persevering Jane has not had to compromise her lifestyle and fit in with the other plebians, because the Liberal Party has her back.
As Persevering Jane said, thank goodness for the Liberal Party. Perhaps advisers should move to a marginal seat.
AUTHOR
The Outsider
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