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Budget may never return to surplus under Hockey’s ‘magic pudding’ tax cuts

Adam Bandt 25 Aug 2015

Greens Treasury spokesperson Adam Bandt MP today said new research suggests that Treasurer Joe Hockey’s mooted ‘bracket creep’ tax cuts may see the Budget never return to surplus, unless the government increases other taxes or introduces new spending cuts.

"We don't have a budget crisis but we will have a revenue crisis if a $25 billion hole is punched in the government's income stream,” Mr Bandt said.

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Greens inquiry calls to unmask corporate tax dodgers

The first report from the Senate Inquiry into Corporate Tax Avoidance, initiated by the Greens, has just been tabled in the Senate. It focuses on the need to expose more dodgy dealings, and the Greens have proposed seven extra recommendations that have been appended to the report, and are attached above.

“Corporate tax dodgers are ripping off Australia and ordinary taxpayers deserve to know,” said Greens Leader Richard Di Natale, who has taken over Christine Milne’s seat on the inquiry.

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CBA record profit shows government has wrong target for raising revenue

Adam Bandt 12 Aug 2015

Responding to news that the Commonwealth Bank has posted a record $9 billion profit, Greens Treasury spokesperson Adam Bandt MP today said the government is targeting everyday Australians to raise revenue when they should be looking at the Big 4 Banks. Mr Bandt called on the government to ditch its plan to increase the GST and instead put a levy on the profits of the Big 4 Banks.

“Time after time, we hear news of the Big 4 Banks putting away record profits,” Mr Bandt said.

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Hockey backs Greens’ bank deposit levy model

Adam Bandt 11 Aug 2015

Greens Treasury spokesperson Adam Bandt MP today welcomed reports that Treasurer Joe Hockey is supporting the Greens’ model for the bank deposit levy and said that the Greens would support passing a well-crafted levy through the Parliament in the next sitting fortnight.

“I’m pleased to hear reports that the Treasurer has listened to the Greens’ call to apply a bank deposit levy to only to the Big 4 Banks,” Mr Bandt said.

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Stop the tax cuts arms race: Bandt

Adam Bandt 10 Aug 2015

In response to Treasurer Joe Hockey’s remarks today that rich people should be taxed less, Greens Treasury spokesperson Adam Bandt MP said the measure would make the revenue crisis worse. Mr Bandt called on Labor not to join the Treasurer in making the next Federal Election a tax cuts arms race.

“The Treasurer is out today again calling for tax cuts for rich people. He has said that high income earners in Australia need to be taxed less because apparently they have the potential of going to other countries to earn an income so we need to tax them less here,” Mr Bandt said.

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Greens release costings for capital gains tax reform

The Australian Greens have today released Parliamentary Budget Office costings that show removing structural unfairness in the tax system through the discount on Capital Gains Tax (CGT) could generate as much as $74 billion over the next ten years, rising to $127 billion when negative gearing reforms that have warped the housing market are taken into account.

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A small-minded budget from a visionless government

Greens Leader Richard Di Natale says the 2015 Budget is a visionless, small-minded document.

"This budget's biggest failure is what isn't there. There's no vision, no direction and no new sources of revenue from the big end of town," Senator Di Natale said.

"To look after people and build a more caring society, we need to raise more revenue, not cut one vital service to fund another.

"This budget takes more money from the pockets of nurses and charity workers than it does the big miners or big banks.

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BHP tax arrangements revealed in Senate inquiry

Details of BHP's tax arrangements have been revealed in answers provided to the Senate Inquiry on corporate tax avoidance, initiated by Greens Leader Christine Milne.

"It's shocking but not surprising that BHP is paying next to zero tax on billions worth of profits," said Senator Milne.

"No one believes this kind of behaviour is limited to BHP. The big corporates are ripping us off and successive Liberal and Labor governments have let them get away with it.

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