Cover Photo by Miles Burke
Writing for ABC News, business reporter Daniel Ziffer states that a new global report suggests Australians hold more than $370 billion in known foreign tax havens and that multinationals shifting profit to lower-taxing countries costs the nation’s Treasury $11 billion in lost tax earnings in 2020.
This report demonstrates that the methods used to avoid or evade tax are ‘also a central mechanism through which we attempt to regulate inequality’.
You can read the full ABC article here.
FAIN calls on the Australian Government to raise the revenue required to prioritise the construction and maintenance of public housing and other essential public services like child care, education and training, employment support programs, health care and legal assistance:
- increase corporate tax rates for multinational corporations
- increase personal income tax rates for billionaires and other wealthy individuals to the ‘same average rates of tax as everyday Australians’
- reduce funding for military spending by an annual decrease of least 10% under the 2024 National Defence Strategy.
FAIN calls on the Australian Government to set targets for each objective and report annually to the Parliament, and to the general public within 3 months of the end-of-financial year.
We’ll have more information about this coming soon.
Fight Against Inequality Network Inc. 