Sinclair Davidson brings our attention to these deeply troubling statements from our supposedly conservative, center-right treasurer:
Mr Morrison emphasises that the Coalition understands that large businesses employ millions of Australians, which is why it took its enterprise tax plan to Parliament and secured “far more than our critics believed we would”.
[Marcus: this is code for, ‘they look like they might have some spare money and we want more of it because we’ve blown what we previously took’].
“This task cannot be pursued by the government in isolation.
“Business has a critical role to play in demonstrating to the Australian people that as their business grows, their employees will benefit. And that job starts with the conversations they have in their own businesses.”
[Marcus: in isolation, this sounds sensible, until you realise he’s actually asking for business to get on board with his tax grab and threaten the jobs of those same employees].
In the past year, we’ve continued to toughen up on multinationals. Australia now has some of the toughest laws in the world to combat multinational tax avoidance.
[Marcus: oh yeah, that’ll encourage jobs and growth – PS: tax avoidance is perfectly legal].
We’re making sure multinationals pay their fair share of tax so that Australian citizens get the tax from the profits earned in Australia, from Australian consumers, that is needed to fund vital infrastructure and services.
[Marcus: are we listening to a supposedly Liberal treasurer or Wayne Swan here?].
The Australian Taxation Office has today confirmed that measures including our Multinational Tax Avoidance Legislation will enable us to claw back around $2.9 billion in additional tax liabilities this year. The Government has also succeeded in legislating our Diverted Profits Tax, further preventing multinationals from shifting profits made in Australia offshore to avoid paying tax.
[Marcus: they’ll shift their operations and employment off-shore too you imbecile].
The Diverted Profits Tax commences on 1 July, and is conservatively expected to raise $100 million in revenue a year from 2018–19.
[Marcus: in other words, about the same as the mining tax. Any time you can raise almost no tax while upsetting major enterprises and industries and threatening local jobs, then you absolutely must do it].
This comes on top of other moves to set up a Tax Avoidance Taskforce, increase penalties, and strengthen whistleblower protections which are expected to raise almost $4 billion over the budget and forward estimates.
[Marcus: never fear, the Tax-Waffen will ensure that things remain every bit as insipid as they currently are].
Why is there even the slightest discussion being had about raising the government’s level of revenue (currently at a very healthy 24% of GDP and rising to 25% of GDP) when it’s the utterly negligent level of spending (currently at a near-record 25.8% of GDP) that desperately needs to be addressed?
(For more of what I’ve written on the federal budget, go here).