Leader of the Australian opposition party, Mark Latham, has dismissed accusations from the current government that the Labor Party will increase corporate and capital gains taxes if returned to office in the next general election, anticipated in the latter half of 2004.
Speaking to a Sydney radio station, Latham revealed that his party is currently considering proposals to cut income taxes, particularly for those on middle and low incomes.
"Our commitment is to bring down personal taxes," commented Latham. "What we can do further up the (personal tax) scale will depend on the state of the budget."
"We've got a commitment not to increase company taxes, not to increase the capital gains tax ," he continued, adding: "We've also got a commitment to ensure that taxes as a proportion of GDP is no higher than where it is today."
According to the Australian Treasurer Peter Costello, leaked documents have revealed that the Labor Party is currently working on a proposal to cut the top rate of income tax by as much as 17%, from the current rate of 47%. Costello alleges that Labor is also examining ways to boost tax revenues in order to pay for this tax cut.
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