Major businesses and the nation’s most profitable miners would be slapped with an extra $338 billion in taxes over the next decade under a Greens proposal that would reduce tax on individuals | swrighteconomy
Major businesses and the nation’s most profitable miners would be slapped with an extra $338 billion in taxes over the next decade under a Greens proposal that would reduce tax on individuals.
The proposals, if ever implemented, would raise an extra $26 billion in company tax in their first full year of operation and drive the tax rate for some businesses towards 50 per cent in the dollar, one of the highest rates in the world. This year, corporate Australia will pay about $82 billion in tax.
Under the Greens proposal, the original super profits tax would be reintroduced for the minerals sector. The budget office estimates it would raise $119 billion over a decade, starting with $8.6 billion in 2022-23.
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