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Greens to phase out capital gains discount by 2020

The Greens will phase out the 50 per cent capital gains tax discount to ease pressure on Australia’s unaffordable housing market, generating savings of $119.5 billion over ten years.

The concession would be reduced by 10 per cent every year for five years and would run parallel with the Greens plan to phase out negative gearing.

Greens Co-Deputy Leader and Housing spokesperson Senator for WA Scott Ludlam said the fully costed plan would apply to all forms of capital gains including housing, art and investments.

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Income tax proposal a cop out

The Liberals are proving they're not up to the task of tax reform, again dumping their budget problems on state and territory governments, the Australian Greens have said.

"The Turnbull Government doesn't have the ticker to take on any difficult areas of reform so it's looking for an easy way out," said Greens Leader Richard Di Natale.

"Instead of having the courage to take on unfair tax breaks like negative gearing, capital gains tax and fossil fuel subsidies, the PM is surrendering on real reform.

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Greens to oppose income tax cuts & company tax cuts for big business

Adam Bandt 23 Mar 2016

“The Greens will not support income tax cuts in the upcoming Budget,” Greens Treasury spokesperson Adam Bandt said.

“The Treasurer has talked up the issue of 'bracket creep' and hasn’t ruled out income tax cuts."

“Instead of frittering away billions of dollars on $5 a week tax cuts for above average income earners, we should use that money for schools, hospitals and infrastructure.”

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Greens will oppose company tax cut for big business

Adam Bandt 22 Mar 2016

Greens Treasury spokesperson Adam Bandt MP today announced that the Greens will not support any cut to the company tax rate for big business.

“The Greens will not support any attempt to cut the company tax rate for big business,” Mr Bandt said.

“If Malcolm Turnbull and Scott Morrison want to make big businesses pay even less tax, they will need to get the support of the Labor Party.”

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ATO tax data strengthens case for ending unfair tax breaks in Budget: Greens

Adam Bandt 22 Mar 2016

Data released by the Australian Tax Office today on how much Australia’s richest companies paid in tax strengthens the case for the government to end unfair tax breaks in the upcoming Budget, Greens Treasury spokesperson Adam Bandt has said.

“The amount of tax our richest companies have paid has been made public today thanks to the Greens,” Mr Bandt said.

“Today we have found out that almost 100 of Australia’s richest companies paid absolutely no company tax.”

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Raise revenue from those who can most afford to pay

Analysis by the Parliamentary Budget Office shows the government could raise more than $4 billion over the forward estimates by making the temporary deficit levy permanent, and by introducing a new tax bracket for annual incomes of over $1 million.

“You know tax reform is right when it reduces inequality and raises enough revenue to pay for the services the community wants,” said Greens Leader Richard Di Natale.

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A better tax reform debate

I think the government's problems on this tax reform debate, indeed the government's problems under its former Prime Minister Tony Abbott, can be sheeted home to the simple proposition that really is its underlying philosophy. That proposition is this: this government, consistent with their philosophy, want to reduce taxes—income taxes, corporate taxes—and the cost of doing that is that we then do not have the revenue to fund essential services, things like health care, education, or to fund vital public infrastructure.

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Turnbull tax tinkerer, not reformer: Greens

Adam Bandt 25 Feb 2016

Greens Treasury spokesperson Adam Bandt MP today said reports that Prime Minister Malcolm Turnbull is backing down from tax reform and instead will only tinker with caps on superannuation contributions and negative gearing shows that he has squibbed it on tax reform.

“Malcolm Turnbull has squibbed it on tax reform,” Mr Bandt said.

“Instead of making sweeping reforms that would end unfair tax breaks and bring in much-needed revenue for our schools, hospitals and services, Malcolm Turnbull looks set to only tinker at the edges.”

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Question – The government’s abandonment of tax reform

My question is for the Minister representing the Prime Minister, Senator Brandis. Reports today indicate that your government has walked away from major tax reform, and yet today you have announced a major increase in defence spending. Given the so-called budget emergency and your refusal to end huge tax concessions like negative gearing and like the concessions in the superannuation system, Minister, how do you intend to pay for it?

George Brandis (Queensland, Liberal Party, Attorney-General)  

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Peter on the Turnbull Government

Senator WHISH-WILSON

It never ceases to amaze me that the ultraconservatives like Senator Bernardi are fairly happy to talk to us about the role of government. They do not see any role for government in our lives except when it comes to social issues that you rely on the government to step in and regulate, such as same-sex marriage and other issues.

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