Greens tout 10% billionaire tax to fund Medicare splurge
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The news: The Greens will take an annual 10% tax on billionaires to the next election, which they say will fund major boosts to healthcare.
The context: The plan, to be unveiled on Tuesday morning, would see the 150 billionaires in Australia taxed 10% of their net worth annually, with a 10% limit on capital flight in any year.
The minor party, which could hold the balance of power, claims the plan would fund a suite of previously announced election policies — including free trips to the GP, universal 50 cent public transport, and getting dental into Medicare.
The Greens say it is expected to raise $23 billion over the forward estimates — numbers it received from the Parliamentary Budget Office. However, they did not reveal how it would be enforced — a key sticking point as wealthy Australians regularly move their assets overseas to minimise tax. The Australian Taxation Office does not currently collect data on Australians’ net worth.
In a statement, the Greens explicitly linked the plan to Donald Trump’s return to the White House, which they say had left Australians “disenfranchised with the major parties” and with their “trust in the political establishment is at an all-time low”.
What they said: “In a wealthy country like ours, everyone should be able to afford the basics: a home, food, and world class health and education. Instead, billionaires are making out like bandits while everyone else is being squeezed,” Greens leader Adam Bandt said.
The source: Greens press release
