Spender's Bold Tax Plan: Cuts for Workers, Hikes for Wealthy

0:00From Sydney, this is your March 11th update. Teal Independent MP Allegra Spender has released a bold tax plan that would deliver nearly $30 billion in cuts to working Australians. The proposal lowers every personal income tax rate by 2.5 percentage points, keeping the tax free threshold at $18,000. $100. Someone earning $100,000 a year would save about $1,643 annually or roughly $32 each week. To fund these changes, Spender targets asset owners with reforms like cutting the capital gains tax discount from 50% to 30%, and ending tax deductions for negative gearing on rental properties. She also wants a minimum 27.5% tax on income from family trust and higher taxes on large superannuation balances, such as 15% on pots between $1 million and $2 million. Spender argues the current system hits workers harder than the wealthy, who benefit from assets

1:01in lower taxes later in life. She launched this white paper after consulting top experts for over a year, marking the first such effort by a single MP this century. Earlier this week, she presented the plan at the National Press Club, calling for a fair set-up that matches people's ability to pay as their wealth. Gross. Meanwhile, Treasurer Jim Chalmers is eyeing similar tweaks ahead of the May 12th budget, so critics like those at the Center for Independent. Studies warn that hiking capital gains taxes could hurt investment in productivity growth. This episode is proudly sponsored by our partner. If earbuds fall out when you sleep, this is for you, a pillow with built-in sound, so L-I-SOLYPILLOW.COM