$94B extra for budget repair in JLN Tax Reform Package


JLN Independent Tasmanian Senator Jacqui Lambie has delivered a speech in the Senate yesterday which details $94B of new tax revenue raised by 3 simple new taxes.

“My network, the JLN, has proposed 3 simple tax reform policies - (costed by the Australia Institute) - that don’t take from Australia’s poorest, and ensures that our top earners contribute their fair share.

In ten years these 3 taxes would raise an extra $94B for Budget repair.  They are:

  1. A Super-Rich Death Tax, which would raise $5 Billion a year and would only affect 0.8% of the Australian population.
  1. Capping the Capital Gains Tax exemption to houses worth less than $2 million would raise $3 billion a year.  56% of the revenue raised by capping Capital Gains Tax on homes would come from Australia’s top 10% earners.
  2. An FTT between 0.1% and 0.01% on each of the high-frequency share trades by Australian companies which rort our financial markets using supercomputers – will raise more than $1.4 Billion a year.
Mr President, there’s 3 simple taxes Death, Capital Gains and Financial Transactions that don’t take from Australia’s poorest – make the rich pay a fair share, and will raise an extra $9.4 B a year or $94B in ten years. Slow and steady wins the race!” said Senator Lambie.