New data has today revealed that Labor’s retiree tax will hit low income earners in every Australian state.
In each and every Australian state the majority of individuals impacted by this policy have a taxable income of less than $18,200.
The data also reveals that in each and every Australian state more than 80 per cent of individuals hit by Labor’s policy have a taxable income of less than $37,000.
Across Australia there are more than 1.1 million Australians who will be affected by Labor’s cash grab. Around 1 million of these Australians have a taxable income of less than $37,000.
These Australians include pensioners, part pensioners, veterans, war widows, and self-funded retirees.
Bill Shorten classifies these people as ‘millionaires’, but these are Australians who have paid taxes their whole lives and want to live a comfortable, not lavish, life in retirement.
Labor’s $59 billion attack on more than one million Australians needs to be called out for what it is – just another Labor cash grab to add to the more than $160 billion of taxes they have already announced.
Labor’s plan to abolish refunds of franking credits attached to share dividends means that if an Australian receives the pension, is on a low-income or is a member of a small self-managed superannuation account, they will no longer get a refund from the Tax Office of tax they have already paid on their shares.
Bill Shorten has to answer why he thinks it’s fair to deny these people their refunds, but is comfortable with those on higher incomes getting the full value of their franking credits.