JIM CHALMERS, SHADOW MINISTER FOR FINANCE
ANDREW LEIGH, SHADOW ASSISTANT TREASURER
WORKERS MUCH WORSE OFF UNDER TOP END TURNBULL’S TAX HIKES
Tax on workers has grown 25 times more than tax on companies under the Liberals.
A new analysis of the Budget papers reveals that workers were hit with $38 billion in extra taxes in 2017 compared to 2013, while companies’ taxes have only gone up $1.5 billion over the same period.
Taxes on workers have grown eight times faster – at 5.5 per cent – than company taxes, which have only grown 0.7 per cent during that time.
Workers are shouldering a higher tax burden despite the fact that, over the last two years, wages have grown by only four per cent while company profits have increased by 32 per cent.
The Liberals’ $65 billion tax handout to big business, including $13.2 billion to the big banks, will only make this disparity worse.
Malcolm Turnbull and his Liberals have shown time and time again they’ll always favour the top end of town at the expense of people who work and struggle.
Any income tax cuts we might see in the Liberals’ Budget won’t repair all of the damage done to middle Australia, including cuts to schools and hospitals, and cuts to penalty rates.
Note: Data taken from Budget papers, Australian Government (cash) receipts updated with the 2016-17 FBO for latest tax data available.
Authorised by Noah Carroll ALP Canberra