The Australia Institute, an socialist think tank, has released a paper questioning the top tax threshold, which at present taxes 45% of earnings after AUD80,000, a rate that the institute argues has not 'kept pace' with the increases in executive salaries.
The Institute proposes the introduction of a 50% taxation rate for income over AUD1m per year, bringing about a "fairer system". It claims that this would increase government revenues by more than AUD400m. The Australia Institute feels it's time to “send a real signal that the era of ‘excessive capitalism’ is coming to an end.”
The paper, which forms part of the Institute’s submission to the Henry Tax Review, argues that high income earners in Australia have enjoyed significant growth in their incomes over the past decade.
“The richest one per cent of Australians earn 35% of all dividends in Australia and more than 38% of all capital gains” argued Denniss.
The Rudd Government has initiated a wide-ranging review of the tax system, with Treasury boss Ken Henry to report next year.
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