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Stage 3 tax cuts

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New PBO costing reveals extreme inequality of tax cuts for the rich

New costings by the Parliamentary Budget Office reveal the extreme inequality of stage 3 tax cuts, which give as much to the top 1% of income earners as the bottom 60%.

The cuts have been calculated at costing the budget bottom line a staggering $184.2 billion over ten years, enough to fund putting dental into Medicare, start building high speed rail from Brisbane to Melbourne and the construction of 1 million affordable homes.

Key points from the PBO costing:

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Labor’s complete capitulation on tax cuts for billionaires a betrayal

The Greens have slammed Labor's reported capitulation on Stage 3 Tax Cuts, saying the resolution to back the Liberals and not repeal the unfair tax breaks for Australia's rich will turbocharge economic inequality and the money would be better spent on social services instead.

With the next election on a knife-edge, Adam Bandt MP says the Greens in balance of power will push for Stage 3 tax cuts to be repealed and a new tax to be imposed on billionaires.

Quotes attributable to Leader of the Australian Greens Adam Bandt MP:

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