Release: Labor’s policy reversal would be a relief for taxpayers
The Australian Taxpayers’ Alliance, a 75,000+ member national grassroots advocacy group representing the nation’s taxpayers, today commended the federal Labor party and Shadow Treasurer Dr Jim Chalmers for signaling a move to more pragmatic, taxpayer-friendly tax policy.
“The ATA successfully campaigned against Bill Shorten’s cruel and unjustified tax hikes of $387 billion, especially those on retirees and renters. Shadow Treasurer Dr Jim Chalmers’ announcement today shows that Labor are finally changing tack and have listened to the concerns of ordinary taxpayers.” Said Satya Marar, ATA Director of Policy.
“Although Dr. Chalmers hasn’t officially taken these policies off the table, we commend him for acknowledging the need to develop greater spending controls while winding back high-taxing plans.
“When Labor's budget reply came out, we commended them for supporting and even offering to exceed the coalition’s planned tax relief for low and middle-income earners. But they should also support or beat the later stages of the proposed tax cuts.
“Labor have rightly noted that slowing economic and productivity growth has prompted changes in monetary policy which we must be prepared to address by other means when the time comes. He should therefore not only support the planned abolition of the 32.5% tax bracket by 2024-25, but should call for it to be brought forward.
“This vital microeconomic reform will increase productivity and growth by creating greater incentives to save, invest, seek promotions and pursue innovative entrepreneurial endeavors. The Centre for Independent Studies estimates that it will boost GDP by $10 billion and the consumer surplus by $3 billion.
“A return to the liberal, economically friendly and pragmatic tax policy of the Hawke-Keating Labor years would be welcome news for this country’s taxpayers and for the Labor party’s future election prospects.”