Tax reform

[3][4] Combined annual deficits of the Commonwealth and State and territory governments will rise from 1.9% of gross domestic product in 2011–12 to 5.9% of GDP by 2049–50.

In July 2013, PricewaterhouseCoopers proposed significant tax reform in the context of an ageing population and slowing of the Australian mining boom.

The effects of the movement on taxation policy, although diminished, can be seen in many parts of the world including Australia, New Zealand, Hong Kong, Taiwan and Singapore.

[citation needed] Efforts to promote this form of tax reform in the United States continue under the aegis of organizations such as The Henry George Foundation of America.

In the 1990s, reform proposals arose over the double-taxation of corporate income, with a large report in 1992 by the Internal Revenue Service (IRS).

[19] While some of these proposals have become irrelevant due to the “United States fiscal cliff” agreement at the end of calendar year 2012, these policies present a center-left approach to tax reform.

[21] The business community avidly lobbied in support of the bill, which included corporate tax cuts among more comprehensive reform.

If taxpayers could choose which government organizations received their taxes, opportunity cost decisions would integrate their partial knowledge.