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Wednesday, 13 May 1981
Page: 2395

(Question No. 799)

Mr Willis asked the Prime Minister, upon notice, on 12 March 1981:

What are the titles and full references of the many expert inquiries that have believed that the highest level of tax that ought to be payable by any person is about 50 cents in the dollar to which he referred in the House on 26 February 1981(Hansard, page 235).

Mr Malcolm Fraser —The answer to the honourable member's question is as follows:

The Taxation Review Committee (1975) stated in its full report (Page 192) that a reduction in the maximum marginal rate to the region of 50 per cent would be an appropriate long-term target.

The Canadian Royal Commission on Taxation (1967) stated in its final recommendations (Para. 315) that the maximum marginal tax rate should be held down to 50 per cent.

The United States Treasury report, 'Blue Prints for Basic Tax Reform' (1977) proposed two model tax systems as the basis for future tax reform-both of which involved reducing the maximum marginal rate below 50 per cent.