Labor’s Granny Tax

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Of the 230,000 pensioners who would miss out thanks to Labor’s $59 billion retiree tax, more women would be impacted than men in every single State and Territory across Australia.

Labor’s retiree tax would also slug female pensioners over the age of 70 more than any other group of pensioner, with close to 40% of the total number of impacted pensioners coming from this group.

These grandmothers are being punished for scrimping and saving over the years and building themselves a little nest egg. Or maybe they’ve taken a one off payment and invested in the share market to see a bit of extra money come their way in their older years.

Either way, Labor and Bill Shorten have their hands in the handbags of tens of thousands of Australian grandmothers, just as they have their hands in the pockets of the 1.1 million Australians who receive refunds of franking credits.

Labor should immediately dump its regressive $59 billion retiree tax. Given that Chris Bowen has previously stated, “Labor’s reforms are carefully designed,” Mr Bowen and Mr Shorten should also explain why they think it’s ok to take tax refunds off grandmothers.

The following partisan organisations should also come forward to explain to those pensioners who would be impacted why it is that they support such a grossly unfair policy:

“The proposal is sensible and could significantly improve the fairness of the super system…”
– Industry Super Australia, 13 March 2018

“Federal Labor’s plan to scrap a cash handout to wealthy shareholders will go some way to help address growing inequality in Australia” – Getup, 13 March 2018

“The ALP’s proposed changes to dividend imputation credits will ensure the wealthiest Australians pay their fair share” – ACTU, 13 March 2018