Looks like Labour is merely taxing the poor again. Labour/Liberal, makes no difference, they are ALL scum and should not be in power. People really need to de-program.
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The ALP’s plan under Bill Shorten to change the tax rules around dividend imputations will, contrary to their spin, affect more low-income earners than anyone else. In effect, the change means people are taxed twice. Those people receiving fully franked dividends on their shares (i.e., the dividend having already been subject to a 30 per cent company tax rate) can no longer claim back an imputation credit if it is higher than their tax bill.
While Mr Shorten tries to sell the plan as a tax on the rich, Treasury analysis shows that 54 per cent of those worse off from the changes (or 330,000 Australians) are those earning less than $18,200 per annum. Additionally, 43 per cent (or 128,000 people) of those who will be worse off earn between $37,001-$87,000 per annum while only 3 per cent (800 people) of those affected earn over $87,000. Rather than taxing the rich, the changes mostly affect those on the lowest income, hitting families who had relied on having a certain income stream, and retirees the hardest. It could force thousands of people in retirement into seeking the full or part pension as their annual income is reduced, thereby costing the government (and taxpayers) more in welfare payments. For those who value the extra income and are already on the pension, they may have no recourse to compensation for the money they lose. It is an exercise in posturing and class warfare that could actually cost
everyone more.
ACTION: Email your Federal Labor MP’s and Senators
here and ask that they scrap their plan to change the tax rules around imputation credits which would hit the poorest the hardest.
Some points you could make are:
- Constant changing of the rules regarding taxation which affect superannuants leads to uncertainty and an inability to plan for one’s retirement. The ALP’s plan to effectively tax some people who receive share dividends twice, once by the company tax paid for their shares-and again as personal income tax, is inherently unfair, no-one else is subject to double taxing by the tax system.
- The ALP, contrary to the spin told to the media, is not targeting the very wealthiest Australian’s by changing taxation rules. Treasury analysis shows 54 per cent of people adversely affected by the change earn under $18,200 per annum. This is an attack against the poorest Australians, not the richest. It is cheap political posturing and class warfare that will hit the poorest most of all.
- Taking money that is rightfully theirs off people on low incomes is robbery. The ALP’s plan to change share dividend imputation credits will force many people onto more welfare including the aged pension thereby straining the Federal budget more, leading to more poverty and elder abuse and leading to higher taxes for everyone.
- The big wealthy investors that will be affected by this change will simply sell their shares and look to invest in something with higher yields. They may look to the burgeoning property market, further forcing up the price of houses and subsequently rental prices, preventing future generations from ever hoping to afford a home or even rent a home.
