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Tax corporate mega-profits after sensible stage three changes: CFMEU

CFMEU Media Release

The CFMEU has called for the Albanese Government to back its mega-profits tax to end the housing crisis after making sensible changes to income tax cuts.

According to Oxford Economics Australia modelling, a mega-profits tax could comfortably raise enough money to build 52,600 social and affordable homes a year.

CFMEU National Secretary Zach Smith said the government’s changes to stage three tax cuts would be complemented by making corporate giants pay their fair share.

“These are sensible changes that give greater relief to low- and middle-income workers while still ensuring everyone gets a tax cut,” he said.

“Making our tax system fairer and easing cost of living pressures for working- and middle-class Australians is exactly what Labor governments are elected to do.

“Every worker will tell you we’re living in vastly different times to six years ago when the Coalition announced this package.

“The government still needs money to fund the kind of Australia we all want, but they don’t need to come after ordinary people.

“A mega-profits tax on just 0.3 per cent of companies will raise the $511 billion we desperately need to build 750,000 homes by 2031.”

Learn more about the CFMEU’s campaign here.

 

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11 comments

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  1. Steve Davis

    Well done to AIMN for having a positive relationship with the union movement.

    I’ve argued for years that there’s at least two features one must have to be recognized as a modern civilisation — a public health system and a union movement.

    Please feel free to add to the list. The CFMEU’s public housing looks to be a good contender.

  2. ill fares the land

    I kind of agree, but extra corporate tax will end up in the hands of shareholders as extra franking credits. There is invariably a lag between a company paying the tax in cash and the shareholder claiming back the credit, but over time, higher corporate tax is cash-neutral. There are other things that could and should be done. One is taxing all super benefits – with an ageing population and more funds invested into super funds, allowing super funds in pension phase to pay no tax and to allow members over 60 to draw out tax-free pensions makes no sense – it never made sense, but as a matter of tax policy, it is flawed. Governments also need to remove the FBT-exemption on dual cab utilities – even if it didn’t raise a lot of revenue, it is a matter of tax fairness in the way that exemption allows someone who does no work travel in their salary-packaged ute to get a tax-funded subsidy for their private use – that concession isn’t available to anyone else. Then there’s imposing higher taxes on gas-guzzling SUV’s and utes. Bearing in mind the explosion in the numbers of these vehicles on urban roads (I’m not talking about regional roads) – there are now around 300 million of these vehicles on the globe’s roads -, the fact they are getting bigger with each passing year and, it is estimated, for every life saved by someone getting into a bigger vehicle, 4.3 lives are lost with people in smaller cars and pedestrians hit by those large and getting bigger vehicles with their very high frontal areas. The impact on global emissions for that class of vehicles is substantial, measurable and growing since 2010. Time for a big, big rethink and taxes and levies may be an effective way of changing our choices.

  3. corvusboreus

    I thoroughly support this proposal.

    I would also like to offer congratulations to the CFMEU on the success of their tireless efforts in lobbying political support, and thus obtaining government approval, for Adani’s Carmichael coal mine in Qld’s Galilee basin, which exported it’s 1st batch in 2021.

    “The Carmichael mine is ramping up to export in the order of 10 million tonnes per annum”.

    https://www.smh.com.au/business/companies/adani-mine-ramps-up-production-amid-surging-coal-energy-prices-20220825-p5bcs9.html

    Onward and upward into a brighter and warmer future, comrades👍

  4. Andrew Smith

    Can’t disagree in principle, but rather than a levy or special tax, simply tightening up on loopholes and maybe apply a form of tax to high tax free super income retirees, for budgets to fund social – public housing (target of Anglo RW libertarians to reduce taxes and public services).

  5. paul walter

    Interesting. I would to like to see an economist’s take before praising or damning it.
    The government allowed a bit of time for people to think it over and with what has come out lately re PwC and the Banking inquiry.
    I can’t believe even cretinous folk would pay heed to the Telegraph.
    Unfortunately I have witnessed a number of things happen that I couldn’t have believed could happen earlier so best say no more..

  6. wam

    The CFMEU have a social conscience and should be congratulated.
    The medicare levi is charged on taxable income so many people avoid paying because of deductions. If the levi was on gross income everybody from gina and twiggy to the paper round and frankers, would pay. The % could be smaller but the income would solve all our health problems..

  7. New England Cocky

    I support the CFMEU call for more effective taxation of the foreign owned multinational corporations (FOMCs) exploiting the too relaxed Australian taxation laws.
    .
    A easy source of revenue from the FOMCs would be the introduction of a Foreign Transaction Tax of a mere $1 per $1,000,00 transferred out of Australia.
    .
    Then introduce a deeming mechanism so that FOMCs using foreign fund raising from associated entities at enormous (tax avoiding) rates have those expenses cut to the prevailing loan interest rate available within Australia from registered financial institutions. This will decrease tax concessions for ”borrowings” thus increasing the amount available to be considered as taxable income.

  8. leefe

    cb:

    Good ideas can come from questionable people/organisations. Of course the CFMEU would support mining – protecting employment is part of their raison d’etre. They’re still right about the tax thing.

  9. Clakka

    Well done and about time Albo & Co summoned the impetus to make this incremental (but politically potent) change.

    There is much more to come. And the groundwork is already well underway. The entire system of the way our essential infrastructure development and treasury / taxation operates is changing – not only in Oz, but globally (in the ‘1st world’ countries).

    For example:

    Race of the Century: Australia is in the box seat on climate and finance, here is the blueprint for victory

  10. Denis Bright

    Thanks to the CFMEU for taking up these issues

  11. Denis Bright

    I spoke to a group of CFMEU members having lunch at a scaffolding site in South Brisbane yesterday, opposite the ABC. There are some progressive elements of Labor’s campaign for the BCC elections on 16 March 2024 which the CFMEU can support to extend the objectives of your press statement. Tracey Price can be Labor’s Mayor of Brisbane next month if support is mobilized.

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