Right now in Australia, the top 20 per cent of households receive 60 per cent of tax concessions, worth $17.8 billion, according to a report by the Australian Institute in the Sydney Morning Herald.
This is compared to the bottom 50 per cent of households who only get 11 per cent of the tax concessions, which is worth $3.35 billion.
If the Australian government took measures such as ceasing to give superannuation tax breaks to the rich and slapped a minimum tax rate on high-income earners it could raise up to $19.5 billion in annual revenue.
Although the full $19.5 billion may not be reached, the government could still raise substantial amounts of revenue and use it to assist disadvantaged communities.
Right now, the federal government seems to be directing its revenue raising to the disadvantage of those on low incomes:
"While the government is trying to push through unpopular spending cuts that mainly impact on low-income earners, cutting super tax concessions to high-income earners seem to be a much fairer, more popular, and more economically responsible option," the Australian Institute said in its report.
Australians deserve a fairer tax system. Will you join me in urging the federal government to increase taxes on the super wealthy for a fairer tax system for all?
Please sign and share the petition.
