Australian Politics – How The Labor Party Will Clobber The Economy

Posted on Sat 02/16/2019 by


By Andrew Bolt ~

Terry McCrann  says attacking the Labor Party’s franking tax credits grab is  taking the focus off the bigger problem:

Where I suggest it might be helping Labor is in taking the focus off the broader policy package — just how massively destructive for the economy is what Labor proposes, via what is both an unprecedented very widespread tax grab and a major instantaneous whack to the economy.

The three big ones are the franking credits clawback, the attack on negative gearing and the doubling of capital gains tax. But as they say in the ads, there’s more, much more.

Each of the “big three” individually represents a major assault on the capital formation process; apart from — and especially what is proposed for negative gearing — very poor and, indeed, embarrassingly stupid policy.

But it’s the combination that makes it all so destructively potent. They add to a near $300 billion assault on the economy. They could also be exceptionally well timed. Not. That’s if indeed, the economy was turning sour this year in any event.

And there’s more:

Labor also proposes — at least — three other significant tax hits… [It plans to] make permanent the at least 49 per cent top personal tax rate, by bringing back but this time permanently Joe Hockey’s deficit levy…

Labor also plans …. a big new tax on family trusts. The third tax hit is what it won’t do — it won’t cut the corporate tax rate from 30 per cent for larger companies.

Andrew Bolt writes for the Herald Sun, Daily Telegraph, and The Advertiser and runs Australia’s most-read political blog. On week nights he hosts The Bolt Report on Sky News at 7pm and his Macquarie Radio show at 8pm with Steve Price.

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