Labor should tax millionaires, not slug single parents: Greens

Releasing the party's second initiative costed by the Parliamentary Budget Office, Greens Acting Leader, Adam Bandt, said today that the government could raise $791m over 3 years by imposing a new 50% tax rate on millionaires, avoiding the need to cut single parent payments on New Year's Day.

"The country has a growing revenue crisis. Australia's fiscal cliff may be looming more slowly, but it's coming," said Mr Bandt.

"If we don't increase taxes on big business and the wealthy, then governments will start cutting services and raising the taxes that the rest of us pay."

"It's disgraceful that Labor kicks single parents off their benefits to raise some revenue, yet leaves millionaires untouched."

"We need to secure the country's revenue base so that we can fund the education, healthcare and social welfare Australians rightly expect."

"If government is to do its job of caring for people and the environment, we need to stand up to big business and the wealthy."

"A 50% tax rate on millionaires would raise more than enough money to give single parents their benefits back."

Greens welfare spokesperson, Senator Rachel Siewert, said "It is ridiculous that some of the most disadvantaged people in our community, that is single parents, are facing severe cuts when those benefiting most from the strength of our economy aren't paying their fair share."

"The Australian Greens proposal for a millionaires tax would mean that the cuts of $60 to $100 per week to single parent families could be reversed and more resources put into better employment outcomes."

"The Government should be raising revenue from those who can afford to contribute, not forcing single parents and their families further into poverty."

The Greens propose a new marginal tax rate of 50% on income over $1m p.a. The PBO has estimated this will generate $791m in revenue in the next three years.

29 December 2012