Albanese concedes: ‘We got our messaging wrong’
Labor has made no announcements yet about whether it will scrap the franking credits policy entirely, or cap or grandfather the scheme. If it won government, Labor had planned to ‘save the budget’ $60 billion in the next decade from dividend imputation changes – or about $6 billion a year. It argued that 94 per cent of seniors were unaffected by its policy and pensioners were exempt, unless they have an self managed super fund.
Comment: It is clear from The New Daily’s commentary that Labor regards double-taxation as a Gaia-given right. It isn’t YOUR tax refund, but THEIR budget.
The amount is double the 10-year projection from scrapping negative gearing, which would have saved the budget about $30 billion.
Comment: Scrapping negative gearing is abolishing legitimate expense claims and denying people the right to conduct multiple lines of business the way companies do. Taxing different types of operation or scales of activities differently is poor tax practice.
Source: The New Daily
Labor has learned nothing.