Barking Mad Tax Policy

At least you can't say they didn't give you fair warning!

I'm talking about the Marxist Greens Party, which has announced a raft of new taxes as the price to pay for supporting Labor if it is to form a future minority government.

Greens Party leader Adam Bandt is demanding a $514 billion corporate tax hit on miners, coal and gas, banks, telcos, and retailers.

That'll ease the cost of living as every one of the targets raises their prices to cover the Marxist impost.

Bandt pretends it won't make any difference. In a National Press Club address yesterday, he said:

"People are still going to need supermarkets here, minerals and resources will stay here. They’ll need banks. We’re saying pay a bit more tax when you’re making obscene profits. I know they say those things all the time. 

We have designed this to ensure there’s still continued investment. We’re just saying when you make these huge profits, do what other countries do and give a bit of it back to the public because that’s who you’re making the money off.

We’re not saying you can’t make a profit. We’re saying you have to pay tax on these obscene profits that you’re making."

In news yet to reach the unfortunate Green, every company already pays taxes on profits in this country. If you make an obscene amount of profit (whatever that is), you will pay an obscene amount of tax.

I'd actually prefer to lower the tax burden in this country. As long as we cut the size and scope and reach of government at the same time, we'd all be better off.

The real problem in our tax system is the number of people and corporations who pay little or no tax. These people and corporations use legal loopholes to generate billions in sales in Australia while paying little or no tax here.