The Liberal Government’s plan to give tax cuts to big corporations to follow in the footsteps of Donald Trump makes as much sense as the revelation that 732 big corporations paid no tax in 2015-16, The Australian Greens say.
“The Liberals think the best way to address inequality is to give a tax cut to international billionaires, yet trickle-down economics is a fantasy. There’s an easier way, and there’s a smarter way to balance the budget, and they’re not doing it. Tackling negative gearing and capital gains tax and forcing these large tax-dodging companies to actually pay their tax would be a better place to start,” Greens finance spokesperson Senator Sarah Hanson-Young said.
“Imagine what Australia could look like if we made the decision that what we need right now is investing in our healthcare system? In our energy grid? Imagine if we invested it into ensuring every child in every school gets a world-class education, and when they leave high school have access to affordable higher education?
“Thousands of people around the country have just lost their penalty rates, students are struggling to pay their rent and families have to choose between Christmas gifts and power bills. Tax cuts for big business is going to do nothing to help those in need.
“Malcolm Turnbull has decided that what Australia needs is to chase Donald Trump into a company tax cut arms race. He’s decided to give big business a big tax break while cutting $2.1 billion out of universities to help pay for it.
“What world are these Liberals living in where they think the biggest problem facing Australia right now is that the Commonwealth Bank – which had a profit of almost $10 billion this year - pays too much tax?”