2016-03-17
Analysis by the Parliamentary Budget Office shows the government could raise more than $4 billion over the forward estimates by making the temporary deficit levy permanent, and by introducing a new tax bracket for annual incomes of over $1 million.
“You know tax reform is right when it reduces inequality and raises enough revenue to pay for the services the community wants,” said Greens Leader Richard Di Natale.
“Instead of pressing on with cuts that make life harder for those who can least afford to pay, the government needs to consider increasing taxes for those who can afford to pay more.
“By making the deficit levy permanent and introducing a new tax bracket for people who earn over a million dollars a year the Government could raise more than $4 billion over the forward estimates.
“People earning between $80,000 and $180,000 will no longer be in the ‘second highest tax bracket’, as the Treasurer claims, they will be in the middle tax bracket.
“Today the Greens are putting these costings on the table and calling on the government to recognise that making the deficit levy permanent makes good economic sense,” Senator Di Natale said.
“The Greens welcome the other parties joining the long overdue national conversation around negative gearing, capital gains tax and superannuation concessions. We urge the government and Labor to give serious consideration to the policies we have already put on the table that will bring in much-needed revenue to pay for the services Australians expect and deserve.”
The Greens will be announcing a comprehensive tax package before the election.
Background Statistics:
• Making the deficit levy permanent will only affect the top 2.7% of taxpayers fortunate enough to be earning over $180,000. They number 340,000 people in total.
• Only 0.07% of taxpayers earn over $1 million a year, 9,155 people.
Media contact: Jennifer Faerber 0438 376 082