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If $70 billion is spent by individual taxpayers during the year the government gets 10 per cent GST. I estimate that, based on the increased economic activity, the government gets an extra $7 billion every time it’s spent. The government will receive the $70 billion at the end of each year anyway. This will mean more hospitals, schools and a rise in the standard of living. We can use our money better than the government. Growing the economy and increasing revenue means we can make immediate changes to make the lives of Australians better. At the current interest rate of 2.5 per cent that change will cost an extra $875 million a year, but will generate billions each year for the nation. From July 1, 2014, Palmer United will reduce the personal income tax the average Australian taxpayer pays by 15 per cent. This will mean the average taxpayer will have around $2,500 more in their pocket to spend each year. The increased demand and activity will boost jobs and investment and boost small business profits. It will stimulate the economy and create more jobs. The $2,500 will circulate in the economy and the government will get 10 per cent of each transaction from GST, and that money will increase the revenue and provide more support for our hospitals, schools and universities. I estimate that if that $2,500 circulates ten times in the year, which it most certainly will, the government will get the same revenue. We can spend our money better than the government. That’s why Palmer United will abolish the Fringe Benefits Tax to release over $4 billion into the economy. Fringe Benefits Tax is a negative tax. It stops Australians doing things, stifles demand and growth and kills employment. We have to remove Fringe Benefits Tax and get the economy moving. We don’t want to penalise people for spending money. Spending money makes the world go round, creates wealth, jobs, and makes the pie bigger for all of us to share. If we make the first $10,000 paid on a home loan tax deductible each year Palmer United will boost the construction industry and increase home ownership security. We will make the first $10,000 paid on a home loan tax deductible each year and restore to Australians and revamp the Australian dream for each Australian to own their own home. For too long Australians have lacked incentive and confidence and felt that they cannot help themselves. We want to change that. We find that Australians limit what they do because of the burden of taxation. Incentives have been lost and with no activity and growth, the economy declines and the revenue shrinks and schools and hospital close. Palmer United will reduce the taxation rate on a person’s second job, which results in higher earnings over the weekly average earning by 50 per cent, giving all Australians the incentive and providing Government with increased revenue which would not be paid if a person didn’t have a second job. Business happens because of networks. Australia needs to encourage business leaders and Australians to interact to come up with ideas, to make the most of commercial opportunities. We want to maximise the interaction in business because it creates jobs and opportunity for the economy and we are all investors in that activity and we want to encourage it. That’s why we allow a tax deduction for entertainment by businesses. Our senior citizens are paid less than newly arrived asylum seekers. We must change this as soon as possible. As a first step, Palmer United will increase the old age pension by 20 per cent. This will amount to an estimated $150 extra a fortnight. We cannot tolerate Australians dying in the corridors of our hospitals. Healthcare is declining every year in Australia and we cannot desert the sick or the dying. Our hospital staff are overworked and the capital infrastructure is not up to the projected increased demand. Palmer United will provide $80 billion additional funding for health across Australia and will make such funding available directly to hospitals. Palmer United will remove the increases to the Medicare levy Gillard made, and Abbott agreed to, once Palmer United is elected. Palmer United will provide a leave allowance for all women expecting a baby. It will be a flat rate based on yearly 216 The Last Sentry at the Gate: Clive Palmer & the 44th Parliament of Australia


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