Campaign against Labor's franking policy, page-33

Labor's sleight of hand would create several classes of shareholder.

If you are "fortunate" enough to have a tax liability against which franking credits can be offset you benefit 100%

If you are in the class of low income earner/ Commonwealth card holder that exempts you from this tax grab, you benefit 100%

If you don't fit into either category you miss out completely and the dividends you receive, although fully franked, are effectively taxed twice - once in the company's hands and again when you forfeit the franking credit.

It is socialist robbery at its worst.