With the May 3 budget looming, the Turnbull Government is still pushing a backwards company tax cut that would mean billions for big banks at the expense of our public services.
Turnbull’s company tax cut would apply to large companies with annual turnover of $2 million. Meanwhile, a proposed personal tax relief plan that would benefit average Australians has been dropped from the budget.
The Panama Papers leak affirms what we already knew: big companies and wealthy elites are skipping out on their debt to society. The last thing we need on top of a crisis of corporate tax evasion is a company tax cut.
Call on the Turnbull Government to abandon its plan to cut corporate taxes.
The Australia Institute projects that the company tax cut will deliver a $27 billion windfall over ten years to the nation’s biggest banks. With state premiers strapped for funding for health and education services, it’s not surprising that the majority of voters oppose the plan.
Hospitals, schools, and transportation infrastructure across the nation are still reeling from Abbott-era budget cuts. Now is not the time to throw away tax revenue that would fund the world-class public services we deserve.
Our SumOfUs community is demanding tax accountability from big corporations and tax reform from governments worldwide. In the wake of the Panama Papers leak, the time is now to demand tax policies that put people first, not corporations. Together, we can push the Turnbull Government to back off on its regressive company tax cuts proposal.
Sign the petition to tell the Turnbull Government not to give tax breaks to companies already dodging their debt to society.
More information
Company tax open letter: prominent Australians ask Malcolm Turnbull not to cut it
The Guardian. 12 April 2016.
The Guardian. 12 April 2016.