Neo-Feudal Dictionary (Australian version)
Establishment for keeping or lending money
Money was originally invented to disguise and replace the spoils of war.
Today, ‘spoils of war’ has been replaced by the ‘spoils of tax rulings’
Financially ruined – usually a negative connotation - unless one is a shareholder in the bank doing the ‘rupting’.
Increase in prices and fall in value of money
Well thought out tax design ensures rising inflation & devaluation of labour
Compensation for loss – see negative gearing
First home owner
A gullible debtor - easily lured by 100% property loans and driven by the desire to escape from the rental trap.
Typically has no idea that Treasury tax rulings are responsible for his/her dilemma, often blames Reserve Bank for situation
The bane of home-owners but the bread and butter of banks
Good scavenging opportunities for individual investors or investor clubs.
Global phenomena where easy credit, selfishness and tax breaks come together to build a fool’s paradise
The sacred cow of the 21st century.
Typically welfare dependant (see ‘Loan interest deduction’).
Loan Interest Deduction
A form of welfare - currently not means-tested
Resurfacing of original feudalism.
Progressive tax system – theory
Workers pay tax proportional to their income (may still exist somewhere)
**Progressive tax system **– reality (Australia)
The more a worker earns, the greater the tax deduction claimed.
Real estate agent
Likened to a strangler fig, RE agents appear to leech off of home owners.
Apparently one hour of phone negotiation between PI and property seller justifies siphoning off monies in excess of what a highly experienced surgeon receives in an honest week of work. Yes, go figure.
See investor (tax treatment of)
See ‘Real estate agent’
Seems committed to fuelling inflation via tax anomalies