Labor Lets the Super Wealthy Off the Hook
The Australian Greens have responded to the government's reworked superannuation tax bill.
“We will take a look at the detail here, but we’re concerned that the government has further weakened what should be a tax to ensure the super wealthy top 0.5% pay their fair share of tax.”
Nick McKim, Greens Economic Justice spokesperson, expressed concerns that the government has failed to tax big corporations and billionaires fairly.
- Labor has stripped out the tax on unrealised gains.
- The $3 million threshold has been indexed, a move that will cost the budget billions.
The Greens will review the changes to low-income earners' superannuation, as they have previously called for tax relief on super contributions for this group.
Author's summary: Labor's reworked superannuation tax bill favors the super wealthy.