Big companies would face 40 per cent hit under new Greens 'tycoon tax'

  • 📰 abcnews
  • ⏱ Reading Time:
  • 32 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 83%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

Large companies and mining corporations would pay more tax under a plan by the Greens that is reminiscent of a former Labor policy.

Large companies and mining corporations could be paying more tax under a plan by the Greens that is reminiscent of a former Labor policy.A company with a turnover of more than $100 million would face a 40 per cent super-profits taxExperts say Australia's corporate tax rate is already higher then many countries

The Greens' Corporate Super-Profits Tax is the party's attempt to stake out some political ground ahead of the looming federal election, which is likely to be held next year. "While everyone else has suffered through the pandemic, billionaire corporations have made out like bandits and profits are at record highs," he said.

Under the proposal, a company that has a turnover of more than $100 million would be slugged with the 40 per cent corporate super-profits tax.The new tax would apply to a company's net revenue, after income tax and a "fair return to shareholders" is deducted.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

lol, as if the policy would ever get passed as legislation. Funniest thing I've heard today. No matter which party gets in at the next election they're just as corrupt as each other.

blah blah. Pollies learn to spin nothing but sh!t BEFORE getting elected then deliver nothing but sh!t once elected.

I hope they charge more for the company abused Jobkeeper

The Greens will never be in power so it’s all hot air.

Good , good , good

Can we see what policy reform they are proposing - then we can see how they will finance it. Horse before the cart.

Greens are as irrelevant as the ABC and about as useful😎

Good. Its about time major corporations and billionaires stopped avoiding tax.

Greens are serious contenders Could we see an AustralianLabor government with Greens in opposition after the next election?

Like Kerry Packer said, “as a government your not spending it so well that we should be donating extra”

I support a 95% tax rate for anyone earning more than 10 million a year.

Keep AustralianLabor out to keep us safe from The Greens.

Hell yeah. Glad they’ve laid out what the money should go towards in advance, too.

No mention of the impact on invested superannuation funds largely funded by dividends and company profitability.

I don't think 40 is a great idea. Like they're paying 0 now let's not be crazy and scare them away altogether we still need there money circulating.

Throwing out undercooked policies and ideas. It's like the greens and labor are happy to sit on the cross-bench for the next 10 year, why not there no responsibility yet all the pay & perks.

And they will find a loophole like they always do.

Australia does not know what a bad thing the Greens are in nature, only those who have escaped from China, Russia can see at a glance that the Greens are a cancer on society.

You mean they would pay some tax...

That is a great idea💡

And can they grasp that that the 'tycoons' they tax in plc's are ordinary taxpayers and super funds?

Sure let the Greens dictate fiscal policies and watch Aussie business shift operations OS!

I know it’s unfair how much money they make and how little tax they pay but this suggestion would just see them relocate and jobs disappear. Can our economy afford to take a potentially big hit? Some money and some jobs is better than none.

The Greens and certain independents have become the de facto opposition in Labor's absence and capitulation to the Coalition's 'wedging'.

Will never happen. They are a minor party. The majority only vote for the 2 big parties so dream on

Good 👍🏻

I'd be happy if they just paid some tax.

Tax wealth. 5c in the dollar for all assets owned by individuals above 20 million dollars, including the family home.

Good! they have been rorting the system for years and years - Remember jobkeeper why should they be allowed to continue like this and also destroy the planet at the same time ---Ummmhhh?

Communist Australia

This has worked wonders in Venezuela and Cuba.

About time

Companies that paid ZERO tax? Chevron Aus Wilson parking Newscorpse AMP Amcor Bega BHP Alum GE Ford DOW The list is longer, but why should I pay more tax than them?

The Greens logo should be of a man pissing into the wind.

Great way to keep companies here, create & grow manufacturing industries & compete globally. He’s a stable genius.

Awesome

Yes go for it! Pretty well seal Albo’s fate.

'Companies and ludicrously overpaid executives would be forced to start contributing to society instead of destroying the planet'. Fixed the headline for you.

Communist way

Good.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines