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

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But the Republican replacement law scraps that provision, so that large insurance companies like Cigna and Aetna, which pay their CEOs more than million, would find new tax savings. But each of them has proposed a tax cut that would disproportionately benefit the rich , with all five plans

We find that a reduction in company tax to 25 per cent would give Australia’s top 15 listed companies a benefit of ,075 million over the 10 Newspaper reports are carrying stories with for example the Financial Review suggesting ‘Malcolm Turnbull has all but confirmed company tax will be cut as part

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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How is the claim of “ tax cuts for the rich ” false? Let me count the ways. The easiest way to find those statistics is to go look at a copy of the annual “Economic Report of the President.” It’s impossible for any reduction in income taxes to not benefit the “ rich ” because they are the ones with

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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