Money Report finds company tax cuts can benefit all - not just the rich

01:21  12 january  2018
01:21  12 january  2018 Source:   msn.com

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The federal government will push ahead with stage two of its company tax cuts when parliament resumes next month. It’s been emboldened by an OECD report that suggests corporate tax relief can benefit all , not just the rich , as Labor has long argued.

But a new analysis of all Fortune 500 companies found only 4.3 percent of workers will receive a one-time bonus or wage increase tied to the business tax cuts , while Related Stories. Marco Rubio Says Corporate Tax Cuts ‘Went Too Far'. How Should the Dems Oppose Trump’s Tax Cuts for Rich ?

The federal government will push ahead with stage two of its company tax cuts when parliament resumes next month.

It’s been emboldened by an OECD report that suggests corporate tax relief can benefit all, not just the rich, as Labor has long argued.

Acting Treasurer Kelly O’Dwyer says the report had “rubbished” Labor’s case.

“Labor has no-where to hide on this any more,” she said.

The latest round of corporate cuts would see the rate cut from 30 to 25 percent for companies with a turnover of more than $50 million by 2026.

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It’s been called a “ tax cut for the rich ,” “a Christmas gift for the wealthy” and more. And that’s true: Any back-of-the-envelope math shows that in both dollar terms and in percentage terms, the largest tax cuts clearly benefit the rich .

The report , which is the first detailed assessment of the plan’s financial impact, found that the average tax bill for all income groups would decline by ,600, or 2.1 percent, in 2018. Under the House G.O.P. Plan, Tax Cuts Shrink Over Time for Everyone but the Richest .

Without the support of the crossbench in the Senate, the government will need Labor’s support.

But Shadow Treasurer, Chris Bowen, immediately ruled that out.

“Labor has not, and will not, support $65 billion company tax cuts,” Mr Bowen said.

“Australia cannot afford it.”

The latest round of corporate cuts would see the rate cut from 30 to 25 percent for companies with a turnover of more than $50 million by 2026. © AAP Image The latest round of corporate cuts would see the rate cut from 30 to 25 percent for companies with a turnover of more than $50 million by 2026.

Labor argues the money should be spent on schools, TAFE, infrastructure, and the NBN.

Economists say the OECD report is right, if companies pass on wage increases or re-invest the savings.

But, if they only pass the dividend on to shareholders, only the “top end of town” benefits.

The government wants to have the tax cuts passed in the autumn parliamentary session.

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