How wimpy was that.

It was meant to be a revolution. “A tax plan for our future”. The promise was for a stronger, fairer, simpler tax system. About time. That’s what we need. Some vision, some leadership.

The 1000 page report from Treasury secretary Ken Henry, and his committee, provides the blue print, the analysis and the recommendations to deliver on the promise.

It’s just a pity the Federal Government has ignored most of those recommendations. And even those few it has adopted have been watered down.

Our tax system is an aweful mess. It’s complicated, unwieldy and in parts plain dodgy as a result of years of bandaids and political manipulation to win votes.

This was a chance to start afresh. But only a handful of the 138 Henry recommendations have been adopted.

The Government says it will have more to say in coming months on a number of areas considered by the review including making tax time simpler, improving incentives to save and improving transparency of the system.

But why wait. Today was meant to be the response, they’ve sat on the review since before Christmas, and we were all expecting some revolutionary decisions.

Instead, it looks like we’re going to get the usual drip feed and spin from a Government more interested in political spin than substance.

I know I’m probably naïve, but shouldn’t the future of the Tax System be above politics.

Basically what the Government has trickled out is a Super Profits Tax on our big mining companies, some good changes to superannuation and a cut in company tax rates. But don’t hold your breath because the changes will happen way in to the future.

My frustration is these changes could all have been announced in next week’s Federal Budget. The idea of today was to unfurl the big sweeping changes to the whole system.

The superannuation guarantee will be lifted gradually from the current 9 per cent of salary to 12 per cent starting in 2014 but not getting there until 2020. Funnily enough Henry doesn’t even recommend an increase.

The Government will contribute $500 a year to the superannuation of low income workers, those aged over 50 with super under $500,000 will be able to make a concessional contribution up to $50,000 a year (if they’ve got the money) and the superannuation guarantee age limit is to be lifted to 74 to help older workers.

That’s great except Henry also recommended halving the tax rate on super fund earnings and the encouragement of lifetime annuities.

This is what I mean. We don’t want ad hoc decisions, we were promised the big picture solutions.

Company tax is to be cut from 30 to 28 per cent in 2013 but Henry recommended 25 per cent. That 2 per cent cut will boost profit 7 per cent although most small businesses aren’t using a company structure so will miss out.

Small businesses will be able to instantly write-off assets worth $5000 or less but Henry recommended the level should be $10,000.

You’ve had the best brains in the country make these recommendations and the Government even wimps out on the bits it likes.

I suppose we should have all known this would happen. This was meant to be the tax version of the 2020 Summit. Nothing has come of that either.