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Greens to oppose income tax cuts & company tax cuts for big business

Media Release
Adam Bandt 23 Mar 2016

“The Greens will not support income tax cuts in the upcoming Budget,” Greens Treasury spokesperson Adam Bandt said.

“The Treasurer has talked up the issue of 'bracket creep' and hasn’t ruled out income tax cuts."

“Instead of frittering away billions of dollars on $5 a week tax cuts for above average income earners, we should use that money for schools, hospitals and infrastructure.”

“This Budget should be about reducing inequality and securing the country’s revenue base.”

“With slow wages growth, low inflation and government revenue problems, it's the wrong time to focus on bracket creep.”

“If Malcolm Turnbull and Scott Morrison want to pursue unaffordable and unfair bracket creep changes, they will need to get the support of the Labor Party to do it.”

“The Greens will not join a tax cuts arm race.”

“Revenues from income taxes are only just recovering from the unaffordable Howard-Costello tax cut election bribes, which created deep structural problems for the Budget.”

“PBO costings have found that addressing ‘bracket creep’ by lifting the marginal rate from $80,000 to $90,000 will cost the Budget nearly $4 billion over the next four years and $17.5 billion over the next decade.”

“Even a smaller rise to $85,000 will cost the government almost $10 billion of revenue over the next ten years.”

“The Greens would end unfair tax breaks for big polluters and the very wealthy to raise $38 billion over the forward estimates.”

“The Greens also propose a new system of progressive personal tax rates that will make the very wealthy pay more and raise $24 billion over the next decade.”

The Greens announced yesterday that they also would not support company tax cuts for big business.

"When it comes to paying tax, big business is getting away with murder but the Liberals' response is to offer them a tax cut.”

“It is ridiculous that the Liberal government is even considering cutting the amount of tax that big business pays when the ATO has released data today showing that almost 100 of Australia’s richest private companies paid absolutely no company tax.”

“Now is the time to make big business pay their fair share of tax, not to try make them pay less tax.”

You can download the PBO costings for income tax cuts by following the links at www.adambandt.com/160323.

Media contact: Adam Pulford, 0429 109 054

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