We would raise taxes on the Wealthy Elite and Pollution to fund more housing and other public services.
| Ordinary Australians 95% LESS TAX | The Wealthy Elite 5% MORE TAX |
|---|---|
| Ordinary workers, students, renters & pensioners | CEO’s, billionaires, speculators, foreign multinationals & scammers |
| Zero or one Property | Multiple Properties |
| Ordinary house, ordinary car | Luxury mansions, cars, yachts |
| High rent or mortgage costs | No mortgage, no rent |
| No CGT Discount1 | Exploiting CGT Discount |
| Few direct shares | Large shareholdings |
| No Franking Credits2 | Exploiting Franking Credits |
| Government schools | Elite private schools |
| Super | Crypto |
Tax & Spending Reforms
| Proposed spending | Proposed funding |
|---|---|
| ➧ More Housing | ➧ Scrap the Neg Gearing and the CGT discount (except on new housing)* |
| ➧ $25,000 Tax Free Threshold (Tax system to encourage 4 days / week to spread available work around when unemployment is high) | ➧ More tax on fossil fuel exports ➧ More tax on high incomes* ➧ Cut dodgy deductions and rebates ➧ Crackdown on fake charities, crypto and cults |
| ➧ More Medicare | ➧ Cap Franking Credits to exclude the top 20% ➧ Junk Food Tax |
| ➧ More Public Education | ➧ Less funding for wealthy elite schools* |
| ➧ Less Tax on EV’s | More tax on fossil vehicles |
| ➧ Heavy vehicle and farm electrification subsidies | Redirect the $10 billion diesel fuel subsidy to support electrification |
| ➧ Apply GST to Private School Fees and Private Health Insurance | More funding for public education and Medicare. |
| ➧ Higher pensions | Less superannuation tax breaks for balances over ~$1 million + CPI |
(*Will vary for Conservative Electorates – see One Country, Two Systems)
References
- Who benefits from negative gearing (PDF, Australia Institute)
- Who benefits from Franking Credits (Australia Institute)
- Cheapest power generation (Guardian)
- Previous Low and Middle Income Tax Offset (ATO)
- IMF says scrap GGT discount (Nine)
- Billions lost by not taxing gas (Ross Gittins)
- Sally McManus’s tax reform proposals (Guardian)
- ACCOSS 2018/19 Tax cuts benefit the wealthy (PDF)
- Tax reform isn’t hard – slug multinationals and subsidise the things we want more of (Australia Institute)
- If we want a better, more equal society, we need more tax. But more tax only works if big business pays their fair share (Greg Jericho, Guardian)
