Labour party talk minimum tax rate for wealthy

The Labour Party have been debating the “Buffet rule”, a policy which would impose a minimum tax rate on wealthy Australians.

Some MPs have been pushing internally for the party to consider an obligatory 35 percent tax rate for those earning more than $300,000.

Despite shadow treasurer Chris Bowen previously shutting down this topic, several ALP MPs are continuing to push the opposition to consider the issue.

An article written by Labor frontbenchers Andrew Giles and Terri Butler said: "At a time when it is possible for Australian millionaires to claim so many tax concessions — including the cost of managing tax affairs — that they pay no income tax, the Buffett rule's appeal rests on an appreciation that today's tax settings are boosting inequality and unfairness, and that something should be done about it"

This debate follows Opposition Leader Bill Shorten further expanding Labour’s plans to recoup revenue from large multinationals.

Mr Shorten announced the Australian Tax Office would benefit from $50 million funding per year to help it target multinational tax avoidance under a Labor government.

Source: ABC News