Greens Treasury spokesperson Adam Bandt MP today said reports that Prime Minister Malcolm Turnbull is backing down from tax reform and instead will only tinker with caps on superannuation contributions and negative gearing shows that he has squibbed it on tax reform.
“Malcolm Turnbull has squibbed it on tax reform,” Mr Bandt said.
“Instead of making sweeping reforms that would end unfair tax breaks and bring in much-needed revenue for our schools, hospitals and services, Malcolm Turnbull looks set to only tinker at the edges.”
“Reports today suggest Malcolm Turnbull has walked away from changes to make our super tax system more progressive.”
“It seems all that’s left on the table are caps on superannuation contributions and some small changes to negative gearing. These are measures that raise minimal amounts of revenue, which the government seems set to try and hand back to the top 25 per cent of income earners in tax cuts.”
“The Greens do not support this giant 'money-go-round' approach to tax reform. Tax reform must secure the country's revenue base and start to close the gap between rich and poor.”
“The Greens have presented a ‘Plan B’ for tax reform that has a chance of getting through the Senate and would bring in $38 billion of revenue over four years.”
“Our plan would see superannuation contributions taxed progressively, end negative gearing for all new investments, wind back the Capital Gains Tax exemption and end the billions of dollars of handouts to the fossil fuel industry.”
“We expect any changes to negative gearing to go hand-in-hand with changes to the Capital Gains Tax discount.”
Media contacts: Adam Pulford, 0429 109 054