55 Australians earned more than a million dollars but paid no income tax in 2012-13.
A Buffett Rule is a simple fair way to stop this from happening. It’s a way to make the system work like it’s supposed to.
Research by The Australia Institute, commissioned by GetUp!, shows that implementing a Buffett Rule for the top 1% of income earners in Australia would raise $2.5 billion in revenue each year. It would ensure the wealthiest Australians pay their fair share of tax (a minimum 35%) by making tax loopholes worth less.
The Labor Party adopted a Buffett Rule at its national conference at the urging of the Community and Public Sector Union (CPSU). Then The Australian backed in an editorial. Even Treasurer Joe Hockey has said he is considering a Buffett Rule, based on The Australia Institute’s research.
“Treasurer Joe Hockey says he’ll consider Labor’s ‘Buffett rule’ proposal, which would set a minimum tax rate of 35¢ in the dollar for anybody earning over $300,000” – Australian Financial Review, 27 July
That’s the power of a good idea. That’s why we took out a full page ad in The Saturday paper.
Let’s show the Treasurer that Australians back tax reform, as long as it’s fair.
Add your name to the petition!