Labor Lets the Super Wealthy Off the Hook
The Australian Greens have responded to the government's reworked superannuation tax bill.
“We will take a look at the detail here, but we’re concerned that the government has further weakened what should be a tax to ensure the super wealthy top 0.5% pay their fair share of tax.”
Nick McKim, Greens Economic Justice spokesperson, expressed concerns that the government's changes may benefit the super-rich at the expense of the budget.
- Labor has stripped out the tax on unrealised gains.
- The $3 million threshold has been indexed, a move that will cost the budget billions.
McKim also noted that low-income people need tax relief on their super contributions, a measure the Greens have long advocated for.
“It’s clear Labor doesn’t have the guts to tax big corporations and billionaires fairly.”
Author's summary: Labor's superannuation tax bill favors the wealthy.
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