If State abolishes stamp duty, land tax revenue would triple!
Federal Treasurer Wayne Swan has urged the states to reform their own taxation regimes, saying they could start by getting rid of stamp duty. This means that Victorian families will be hit with a huge increase in land tax. This will then be levied on the family home.
The meeting wound up without any major agreement on the GST - The Victorian coalition government had said on a number of occasions that it did not support extending GST to services like health and education.
"We have advocated for a number of sensible reforms, including a lowering of the low value GST threshold for imports," he said.
"The Commonwealth also needs to make an effort to close loopholes in the GST system which are undermining the revenue base."
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