Liberal Democrats Senator David Leyonhjelm has introduced a bill to parliament to almost halve Commonwealth tax collections.
The Lower Tax Bill 2018 reduces income tax to a flat rate of 20%, while lifting the tax-free threshold to $40,000, saving a typical worker more than $6,000 a year.
‘My bill abolishes fuel tax, delivering motorists $1 fuel for the first time in decades,’ Senator Leyonhjelm said.
‘The bill abolishes alcohol tax, saving 75 cents from a can or pot of beer, and $25 from a bottle of spirits.
‘The bill abolishes tobacco tax, taking $20 off the price of a pack of cigarettes.
‘The bill reduces the company tax rate to 20 per cent, protecting investment and jobs in Australia.
‘The bill abolishes Australia’s remaining array of bizarre ad hoc import tariffs, that will deliver cheaper goods as diverse as cars, clothes and towels, guitars, umbrellas, almonds and maple syrup.’
Liberal plans to halve tax collections
The bill also abolishes the luxury car tax to further cut the price of cars, and the passenger movement charge, which will help our tourism industry.
‘My plan to nearly halve Commonwealth tax collections is responsible and doable because it is coupled with even greater cuts to Commonwealth Government spending,’ Senator Leyonhjelm said.
‘Both the spending cuts and tax cuts have been independently costed and published by the Parliamentary Budget Office.
‘My bill to slash tax will not pass the parliament in the final sitting weeks before the election. But for each tax cut detailed in the bill, it will allow us to ask the major parties “Why not?”
‘My bill also demonstrates to voters that there is only one party serious about easing their tax burden, and that’s the Liberal Democrats.’
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The Australian Tribune with Press Release