Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Greens propose 6% wealth tax, corporate super profit tax

The Australian Greens are seeking to raise $40 billion over the next decade as they propose to introduce a 6 per cent wealth tax on billionaires and impose a “super profits” tax on large businesses.

Tax&Compliance Reporter 29 March 2021
— 1 minute read

The plan, revealed on Sunday by Greens leader Adam Bandt and Queensland senator Larissa Waters, comes as the party outlines its key policies that it will take to the next election.

Advertisement
Advertisement

The wealth tax comes as the Greens argue that Australian billionaires grew their wealth by 34 per cent during the pandemic to a collective $417 billion.

The 6 per cent tax will see 122 Australian billionaires taxed on 90 per cent of their original wealth in a bid to prevent them from shifting assets offshore.

The Parliamentary Budget Office has estimated that the proposed billionaire’s tax could raise over $40 billion over the next 10 years, although it concedes that the costings have a “high degree of uncertainty” as individuals look to avoid it.

The Greens have also proposed to introduce a corporate super profit tax on businesses turning over $100 million each year. Details on the proposed tax have not been provided.

Mr Bandt said the new taxes would help fund fee-free public schools, free dental care by getting dental into Medicare, lift the JobSeeker rate above the poverty line to $80 a day, and fund government employment programs.

“The next election will be closer than people think,” Mr Bandt said. “At the last election, Australia was only 828 votes away from a minority Parliament.

“At the next election, people can kick the Liberals out and put the Greens in balance of power in both houses of Parliament, where we will push the next government to go further and faster on tackling inequality and the climate crisis.

“In balance of power, the Greens will make billionaires and big corporations pay their fair share of tax to help put dental into Medicare, get rid of public school fees and give a decent job to everyone who wants one on planet-saving, nation-building projects.”

Greens propose 6% wealth tax, corporate super profit tax
image intro
accountantsdaily logo
Tax&Compliance
FROM THE WEB