If we give a $16 billion tax break to people on higher incomes who went to university, then we’ll have to get that pound of flesh from the people who didn’t.
Governments are the Robin Hoods of the modern world, taking money from the better off so as to hand it to those who need it. But the Merry Men would have been left scratching their heads when Anthony Albanese announced his first big pre-election pitch at theThat’s because, although plenty of dollars were thrown around, they’re for a reverse-Robin Hood. Albanese announced a big tax cut for higher income earners … but only for those higher earners who went to university or TAFE.
Them’s the bucks ... non-graduate taxpayers will be among the masses giving this $16 billion tax break to higher-paid graduates.Except … people with student debts are comfortably better off than most Australians. If you went to uni, your lifetime income is about ahigher than those who didn’t. Even after the tax man gets his cut, that’s about three-quarters of a million dollars more for those who went to uni versus those who didn’t. Them’s big bucks.
Who will pay? Well, if we’re going to give a $16 billion tax break to people on higher incomes who went to uni, then we have to get that pound of flesh from the people who didn’t go to uni – other taxes will have to go up, or our spending will have to be cut. That’s why handing $16 billion to graduates is a fairness fail.
There are many things Australia can and should spend $16 billion on, but forgiving the debts of higher-income earners doesn’t make this nation fairer or more prosperous.
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