Maintaining our uncompetitive tax rate risks robbing future generations of Australian workers of the opportunity of the better and higher-paying jobs of the future to pay for services, the benefits of which they might never see.
Cut tax to secure Australia’s future prosperity
This time last year the United States Congress passed one of the most significant tax reform packages in recent memory. This included a significant reduction in the personal income tax rate for earners in the US$9,525–$200,000 tax brackets, the elimination of personal exemptions in favour of an increase to standard deductions, and a reduction in the corporate tax rate from 35% to 21%.
At the same time, the Turnbull Government was moving forward with a relatively ambitious plan to cut Australians’ personal income and corporate tax rates. I was fortunate to have had the opportunity to have an op-ed on the subject published in The Australian at that time.
Disappointingly, the Turnbull Government dumped its ‘enterprise tax plan’ in its final days in August 2018. Nonetheless, the arguments I advanced in The Australian still hold today.
You can read the article in full via The Australian online: https://www.theaustralian.com.au/business/opinion/cut-tax-to-secure-australias-future-prosperity/news-story/ae0acc27ced7ca6fea080e4f340b135a
Xavier Boffa 