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CHALMERS REVEALS LABOR PLANS FOR HIGHER TAXES ON ORDINARY AUSTRALIANS
THE HON MICHAEL SUKKAR MP
Assistant Treasurer
Minister for Housing
Minister for Homelessness, Social and Community Housing
MEDIA RELEASE
Sunday 21 November 2021
CHALMERS REVEALS LABOR PLANS FOR HIGHER TAXES ON ORDINARY AUSTRALIANS
Labor’s Shadow Treasurer has this morning confirmed Labor is looking at options for higher taxes on ordinary Australians.
With Labor planning to slug Australians with $387 billion worth of higher taxes at the last election on their hip pockets, their superannuation, their housing and their businesses, higher taxes are in Labor’s DNA.
As Australia reopens, it has never been more important to secure Australia’s economic recovery.
However on the ABC’s Insiders program this morning, Jim Chalmers was asked four times about Labor’s taxation plan and confirmed higher taxes would be part of their agenda.
Chalmers: “We haven’t finalised our full suite, as you would appreciate.”
“But we will finalise our policies, all of our policies, including on tax, with an emphasis on multinational taxes between now and the election.”
“We’ve said we will finalise our policies between now and election.”
“We will finalise our policies between now and the election, David, as I said.”
Australians know the Liberal and National parties stand for lower taxes because we want families and businesses to keep more of what they earn.
Reports have already confirmed Jim Chalmers plans to increase taxes on small family businesses that are operated as discretionary trusts: Jim Chalmers proposes Bill Shorten-era family trusts tax hit.
Unpublished ATO data shows that there are around 310,000 small family businesses (turnover less than $50 million) that will be hit hard by the tax. These small family businesses employ 1 million Australians.
Just when Australian small businesses are fighting for their recovery, Labor and Jim Chalmers want to kick them while they’re down.
Instead of trying to sneak out policies over the Christmas and summer breaks, Labor owes it to Australians to front up and be honest about their plans to tax families and businesses.