Thursday, 17 March 2016

Australian Federal Election 2016: these tired old tricks no longer work, Tones

This was the Member for Warringah, Tony Abbott, in the Australian Financial Times on 9 March 2016:

On Friday, Tony Abbott said one of Labor's "five new taxes" included a housing tax (negative gearing), a wealth tax (capital gains), a seniors tax (superannuation), a workers tax (smokers), and the carbon tax.
"Five new taxes is what Bill Shorten has in store should Labor win the next election”…..

There it is, another three-word slogan – “five new taxes”.

So where are these five new taxes?

Negative gearing is a tax concession not a tax charge and Labor does not intend to eliminate this concession for all existing negatively geared investments or future new housing stock – the concession will be removed only on any future investment purchases of old housing stock after 30 June 2017.

Tobacco taxation already exists so it also is not new, but the tax percentage will change if Labor wins government. Resulting in a price increase on a packet of cigarettes of an est. $10 spread over four years.

Carbon tax does not exist currently – in fact the previous Labor government's carbon levy was scheduled to end in 2014-15 as it moved towards the then legislated change to a market-driven carbon pricing mechanism. In 2014 a newly elected Abbott Government abolished this national emissions trading scheme. To date Labor has not announced details of its new climate change policy except to point out that it intends to implement an emissions trading scheme which will not be a tax.

Five new taxes planned under Labor? Er..... more like no new taxes in these five instances identified by Tony Abbott in full election campaign-mode.

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