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Windfall tax on gas profiteering as easy as PRRT

The Greens Leader Adam Bandt says a windfall tax on gas corporations profiteering from the current crisis could be imposed simply by closing loopholes in the Petroleum Resource Rent Tax (PRRT) in the government’s first budget in October.

The PRRT was designed to tax super-profits, but gas corporations figured out how to avoid paying it by building up a backlog of tax credits to the tune of a jaw-dropping $282 billion. This means that gas companies have to burn through $282 billion in profits until they start paying tax.

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Labor lockstep with Liberal on tax to drive US-style inequality in Australia

Adam Bandt 4 Apr 2022

Greens Leader, Adam Bandt MP, says Labor’s appeasement to right-wing flat tax reforms and keeping tax breaks for trusts and property investors is a death knell for Australian egalitarianism. 

Quotes attributable to Greens Leader, Adam Bandt MP:

“Liberal and Labor are now in lockstep on tax cuts for the rich, sounding the death knell for social democracy. Liberal and Labor are marching Australia towards US-style inequality. 

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Billionaires doubling fortunes shows need for Greens’ billionaires tax

Greens Leader, Adam Bandt, says revelations in the Oxfam report that Australian billionaires have doubled their already obscene fortunes gives strength to the Greens’ proposal for a 6% annual tax on billionaires’ wealth.

Over the course of the pandemic, while people endured lockdowns and hardship, billionaires doubled their wealth to $255 billion, equivalent to the wealth of 7.7 million Australians, held by just 47 people.

Greens leader, Adam Bandt MP said:

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Amid record corporate super-profits, Greens announce new Tycoon Tax to raise $338 billion for public good

The Greens have today announced they will push for a new 40% corporate super-profits tax on the excess profits made by big corporations, including mining corporations, in the balance of power after the next election.

The Greens’ push for a ‘tycoon tax’ follows the announcement this week of record super-profits across retail and mining sectors, and National Account figures showing the profit share of national income at the highest (30.3%) since records began, eclipsing last year’s new record1.

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Greens announce 50% tax on Australia’s obscene pandemic profiteers in response to budget that leaves young people and climate worse off

The Australian Greens have used their Budget in Reply speech to announce a new tax on extreme profiteering by billionaires during the pandemic.  
The new tax, which only applies to the 122 richest Australians, will raise $29 billion. It will be taxed on the amount their wealth increased between March 2020 and March 2021.

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Greens announce billionaires tax to fund schools, dental, and jobs for all

The Greens will today announce key election policies, including a ‘billionaires tax’ to help fund genuinely free public schools, dental into Medicare and a job for everyone who wants one. 

With the party considering an election in November of this year still a possibility and a minority parliament the most likely outcome, Mr Bandt will push for a tax on billionaires & corporate super profits as part of dealings with a future shared power government.

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RBA Governor right about need for tax reform, but that doesn't mean tax cuts: Greens

The Australian Greens have joined RBA Governor Dr Lowe’s calls for tax reform, with Australian Greens Leader, Adam Bandt, saying that means removing unjustifiable tax breaks for polluters, shifting tax concessions towards research, development and innovation and boosting public sector investment.

In responding to Dr Lowe’s speech, Greens Leader Adam Bandt MP warned the Liberal Party against using it as an opportunity to further give tax breaks to their corporate backers, saying everyday Australians should be the chief beneficiaries of any reforms.

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Liberals set to deliver ‘Budget for the billionaires’

The Australian Greens say the Liberals are set to deliver a Budget that will grow inequality by
including company tax cuts and income tax cuts for above average income earners.

"This Budget, like this Prime Minister, is shaping up to be a huge disappointment," said Greens Leader Richard Di Natale.

"Malcolm Turnbull came in and said everything was on the table, but now he and his Treasurer are serving up the same tired old dishes as Tony Abbott.

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Petrol tax reveals Abbott’s new three word slogan: Stuff you, mate

Responding to reports Tony Abbott is planning to make petrol more expensive, Acting Greens Leader, Adam Bandt, said Tony Abbott's refusal to end fuel subsidies for wealthy miners proved the Coalition was siding with big business against everyday Australians.

"Tony Abbott's plan is for people to keep forking out billions each year just so the likes of Gina Rinehart can buy cheap diesel," said Mr Bandt.

"By making people pay more for petrol and GP visits while giving wealthy miners subsidised fuel, Tony Abbott has revealed his new three word slogan: ‘Stuff you, mate'.

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