Is Bitcoin The Answer To Australia’s Savings Tax?

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In the modern day and age, we face taxes wherever we go. Your car is taxed, shopping is taxed, and extra taxes also exist on alcohol and cigarettes.
However, now the Australian government have decided to take it too far, and have moved to place a tax on money itself.

Namely on the savings you have in the bank.

This outrageous move has left millions at a loss for words.

What is also incredible is Abbot’s lack of understanding of basic economics, and even common sense.

His reason for bringing this tax in is that somehow it will reduce pressure on families and small businesses.

The stupidity of that statement astounds me.

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He plans to reduce pressure on these people by taking more and more money out of their pockets? As an article on Armstrong Economics stated:

Tony Abbot has proven to be a real Marxist. He is taking the Australian people into the economic abyss from which only war and bloodshed can emerge.

If Abbot manages to get this to pass, it could set a dangerous precedent, allowing governments all around the world to bring in similar legislation.

What also angers me, is that this policy is yet another one in a string of policies from Western Governments that hit the middle class down, and barely affect the rich at all.

The rich don’t have their money in saving accounts, they invest it in various companies, an option not available to those who need to hold on to every shred of money they have.

Even middle class people can’t get involved in stock trading because you need so much money to start off.

The message that this sends out to people is awful too, almost encouraging them to not save money because if you do it will be slowly bled from your account.

It also could lead to an explosion in the value of bitcoin, as people try to keep their saving from being taxed.

However almost in a pre-emptive strike against this, the Australian government are trying to tax bitcoin as a commodity and not a currency.

Yet many will still bitcoin as an attractive option as once they get past the initial tax involved in purchasing bitcoin, their savings cannot be touched.

Yet bitcoin is one of the most volatile currencies in the world.

Bitcoin is subject to dramatic highs and lows in its value.

The potential rush of people buying bitcoin could cause the value of bitcoin to spike to an all-time high, which is great for those who already have large amounts, but for those new buyers of bitcoin, it means that they may never get their money’s worth back.

However, while investing in bitcoin is a risky move, thousands will look to it as a better option than having their money taken from them by a government that clearly only benefits the rich.

We can only hope that Abbot will see the error of his ways before he causes unbearable harm to the most vulnerable people in his country.

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  1. Anonymous

    It’s not the government doing that to the Aussies! It is the people themselves that ELECT that government. The Aussies have nobody to blame but themselves! VOTE you guys! Or you will be made into slave pawns so trampled down you will never get back up!


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