According to the Greens statement on tax avoidance, Australians have had enough of multi- national companies and the super rich treating tax as an optional extra. The Greens believe our tax system is actually a ‘tax avoidance’ system and they have a comprehensive plan to stop multinational tax avoidance.
In addition to the crackdown on multi-nationals, the Greens also propose to crack down on the tricks of tax avoidance such as trusts and superannuation funds.
If elected, the Greens also propose to introduce a ‘Buffet Rule’. This rule ensures the super rich pay a baseline amount of tax no matter how many deductions they use. The plan is to cap a taxpayers deductions so that someone earning above $300,000 a year, could no longer deduct to a level below 35% in every dollar earned.
The basis behind the above proposals is to increase additional tax revenue for their government by $12.3 billion to be used on eliminating poverty and provide economic equality.
The Greens would also fund an additional 4,400 jobs at the Australian Tax Office (ATO) to ensure taxpayers re-gain faith in the tax system, everyone pays their fair share of tax and to close down the tax loop holes.