Labor’s Retiree Tax would hurt retirees and low income earners, by abolishing tax refunds for share dividends. It would punish those who work hard to be self-reliant. When retirees and low income earners get a refund on share dividends, it is because the tax has already been paid by the company.
Labor’s Retiree Tax would change the goal posts. It would hike taxes on over 28,000 people on the Northern Beaches. This is unfair and short sighted and would lead to more people relying on the Age Pension. Most people affected are not wealthy. In fact, 84% of people who would be impacted are on taxable incomes below $37,000.
Next Friday, the House of Representatives Economics Committee will be holding a hearing at Dee Why RSL to hear from the thousands of retirees and low income earners who will be affected by this tax.
I urge concerned residents to show up, tell their story and make their voice heard. The details of this hearing are as follows:
Date: 30 November 2018
Location: Dee Why RSL
These changes are only the start of Labor’s attack on individuals and families who have worked hard and saved to get ahead. Already they have announced a plan to abolish negative gearing and massively increase income taxes for many Australians. This committee hearing on the Northern Beaches represents an opportunity to send a clear message and build a campaign around this critical issue.
The Morrison Government will keep tax refunds for franking credits. By carefully managing the economy, we can guarantee essential services and keep taxes low. Unfortunately, Labor can’t be trusted to manage Australia’s economy. When Labor runs out of money, they end up coming after yours.