Time to stop tax dodging millionaires and gas giants

The Australian Greens MPs

Greens Treasury spokesperson, Senator Nick McKim, has responded to the release of the latest taxation statistics by the ATO.

“The fact that 60 people who earned over $1 million managed to pay not a cent in tax clearly demonstrates that Labor should abandon the upcoming Stage 3 tax cuts.”

“Labor should be making high income earners pay their fair share rather than giving them another tax cut.”

“Proceeding with Scott Morrison’s tax cuts for millionaires while so many high income earners are already paying no tax is irresponsible and unfair.”

“Someone on the minimum wage will get precisely nothing from the Stage 3 tax cuts, while high income earners will pocket over $9,000 dollars every year.”

“Labor should use the October Budget to walk away from Scott Morrison’s tax cuts for the super wealthy.”

“The government should also reform the Petroleum Resource Rent Tax (PRRT) in the Budget.

“The tax stats show that deductions accumulated by gas giants grew again in 2020-21 after having started to decline over the previous two years.

“The PRRT is the biggest tax rort in Australia.

“Unclaimed deductions equalling a whopping $284 billion mean that many gas companies will never pay a cent in PRRT.

“We are being fleeced by global gas giants who are laughing all the way to their offshore tax havens while fuelling the climate crisis.

“The Greens proposed reform of the PRRT would raise an additional $114 billion over the next decade.

“This includes $49 billion from a 10% royalty.”

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