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Greens propose tax on super-wealthy to protect essential services.



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Bob Brown

Greens propose tax on super-wealthy to protect essential services

Media Release | Spokesperson Bob Brown

Wednesday 19th August 2009, 9:48am

in

• Taxation

Greens lead in "tax debate we had to have"

The Australian Greens have proposed a higher tax rate for those earning over $1

million per year as a way of protecting public funding in schools and hospitals as

Australia recovers from the global financial crisis.

Greens Leader Senator Bob Brown has written to Prime Minister Rudd proposing an

increase in the top marginal tax rate from 45% to 50% for people who earn over $1

million. This initiative would raise an estimated $450 million per year but affect less

than 1% of all Australian taxpayers.

"The Rudd Government has used stimulus packages to keep the economy out of

recession, and it is economically prudent to consider the role of higher taxes to

reduce Australia's projected hundreds-of-billions of dollars of debt."

"Rather than cut funding to essential services like schools and hospitals, or place a

higher burden on low-income earners - the Federal Government should introduce

this modest tax gathering exercise on those earning more than $1 million a year."

"With the Henry Taxation Review coming, dealing with the deficit will inevitably lead

to a debate about increasing taxes and the best mix of taxes."

Senator Brown said the proposal had been fully costed, and was originally proposed

by the Australia Institute.

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