Extra taxes on the Wealthy Elite and Pollution should be used to fund more housing and other public services.

Ordinary Australians 95% LESS TAX	The Wealthy Elite 5% MORE TAX
Ordinary workers, students, renters & pensioners	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 Negative Gearing and the CGT discount (except on new housing)* Saving: $20 Billion per annum ➧ Allow investors to put cash from the sale of housing into super – for 12 months. ➧ No housing in SMSF’s.
➧ More cost effective defence ➧ More housing, medicare, education, transport, etc.	Scrap AUKUS nuclear submarines, scrap the new frigates. Saving: $368 Billion+
➧ $3,000 Low & Middle Income Earner Tax Offset (LMITO) (Brings back the LMITO the Liberals scrapped in 2022)	➧ 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 ➧ A 25% tax on gas exports from Commonwealth waters
➧ More Public Education	Less funding for wealthy elite schools*
➧ More Science	Wealth taxes (Australia Institute)
➧ 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 & job seeker allowances	Less superannuation tax breaks for balances over ~$1 million + CPI
➧ FREE Australian Driver’s Licences	➧ Funded by an increase in fuel excise. ➧ Revenue directed to the States if they abolish their State driver’s licences & registration.
➧ FREE Australian Vehicle Registration	➧ Funded by an increase in fuel excise. ➧ Medicare enhanced to cover traffic accident injuries. ➧ Centrelink payments enhanced to handle Loss of Income from accident injuries.
➧ FREE Australian Passports	Funded by an increase in fuel excise on aviation fuel.

(*Will vary for Conservative Electorates – see One Country, Two Systems)

References

1. Who benefits from negative gearing (PDF, Australia Institute)
2. Who benefits from Franking Credits (Australia Institute)
3. Cheapest power generation (Guardian)
4. Previous Low and Middle Income Tax Offset (ATO)
5. IMF says scrap GGT discount (Nine)
6. Billions lost by not taxing gas (Ross Gittins)
7. Sally McManus’s tax reform proposals (Guardian)
8. ACCOSS 2018/19 Tax cuts benefit the wealthy (PDF)
9. Tax reform isn’t hard – slug multinationals and subsidise the things we want more of (Australia Institute)
10. 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)
11. Health funding is one of our trickiest issues – here’s a politically sweet fix (Australia Institute)
12. The LMITO and stage 3 tax cuts by electorate (Australia Institute – PDF)

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