Greens treasury spokesperson Adam Bandt MP today said that Prime Minister Malcolm Turnbull and Treasurer Scott Morrison are going the wrong way on tax by considering an increase to the GST and cuts to personal income tax. Mr Bandt called on the government to consider the Greens’ ‘Millionaire’s Tax’, which would see people earning incomes above $1 million pay an extra 5 per cent marginal tax.
“If tax reform is about more than the GST, as the Prime Minister said, then the government must consider making millionaires pay more tax instead of shifting the burden onto the poor,” Mr Bandt said.
“We have a progressive personal income taxation system based on the principle of the more you earn, the more you contribute.”
“Raising the GST will see the poor and low income earners pay even more tax and cutting personal income tax cuts will see the most well-off Australians pay less.”
"Tax reform should start at the top, not the bottom."
"The Greens want millionaires to pay more tax, while the government is apparently suggesting they should pay less."
“The government should get behind the Greens’ 'Millionaire’s Tax' that will see Australians earning over a million dollars contribute a little bit more and bring in an extra $680 million in revenue over the Forward Estimates.”
According to the Parliamentary Budget Office, The Greens’ Millionaire’s Tax would bring in an extra $680 million in revenue over the Forward Estimates by imposing an additional 5 cent new tax rate for every dollar over $1 million in income.
Media contact: Adam Pulford, 0429 109 054