With the release of the tax white paper, you could be forgiven for thinking that the big end of town was doing it tough. But oh, how wrong you are. We've found 8 ways to raise revenue that the Liberal Party seem to be ignoring...
1. Abolish tax breaks for big mining
Currently big mining pays less for petrol than everyday Australians. How about if they didn't?
= $10.5 billion
2. Reinstate the price on pollution
Just like how you can't dump stuff at the tip for free, before the Liberal Government repealed our price on pollution, Australia's biggest polluters had to pay for polluting. Now, not only does it cost them nothing to pollute, the Government pays big polluters (with your taxpayer dollars) to promise to pollute less.
= $18 billion
3. Implement the original super profits tax on big mining -- taxing big business that can afford it.
If you let someone dig up treasure in your backyard, how much of it would you let them keep for digging it up for you? Probably a lot more than what the Government keeps from big mining digging up Australia's natural resources.
= $18.6 billion
4. Impose a $2 per tonne levy on thermal coal exports
Interesting fact: 80% of the coal we dig up is exported overseas. If we charged just $2 for every tonne exported, we'd raise $1.7 billion dollars!
= $1.7 billion
5. Reduce tax avoidance by taxing discretionary trusts (excepting farmers) the same as corporations
Did you know that often rich people set up trusts instead of companies because of different tax and disclosure rules? As the old saying goes, 'you can't tax what you can't see.'
= $3.6 billion
6. Implement a Millionaires Tax on incomes over $1 million
While the Liberals think that punishing our community's most vulnerable people is the way to go, we reckon that if you earn over a million dollars a year, maybe you could pitch in a few more dollars.
= $637 million
7. Apply a public insurance levy on the Big Four Banks that are ‘too big to fail'
Did you know that the Australian Government guarantees protection for the Big Four Banks that are 'too big to fail'? Well, you don't get to insure your house for free, and the Big Banks shouldn't either. How about they actually pay a public insurance levy to the Australian taxpayer to cover the cost of this privilege?
= $16.8 billion
8. Introduce a progressive superannuation tax system, replacing the 15% flat rate, to prevent tax loopholes being rorted by the mega-rich
Did you know that financial advisers actively tell wealthy folks over 55 to 'cycle their income through their superannuation' because it's only taxed at a flat 15% rate, instead of the fairer tiered tax system for income?
We can close these sneaky tax loopholes being rorted by the mega-rich avoiding the top income tax brackets, by introducing a progressive superannuation tax system.
= $10.16 billion
All together, this adds up to $79 billion dollars!