THE full toll of the Queensland floods is yet to be calculated, although it is likely it will be extremely high. Yet I suspect this flood levy that we had to have will only be the tip of the tax iceberg. In relative terms the amount of money Prime Minister Julia Gillard has said this tax will raise is a pittance. The government plans to raise $5.6 billion. Of that, $2.8 billion will come from spending cuts, including the "cash for clunkers" scheme and industry assistance. Another $ 1 billion will be had through delaying some infrastructure projects. That means $1.8 billion will come from this levy.
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