The only way to stop a Bill Shorten led Labor government from grabbing an extra $19 billion of our money over the four-year budget period is to have the balance of power held by Conservative Party Senators in the Senate.
The Conservative Party opposes Labor's plans to abolish cash refunds for excess franking credits, and its limiting of future negative gearing to newly constructed homes.
Nor will Conservative Party Senators allow Labor to reinstate the deficit levy and increase the top marginal tax rate to 49 per cent.
The Australian Financial Review reports if the Senate rejects the curtailing of negative gearing and capital gains tax breaks outright, ending cash refunds of franking credits and increasing the top marginal tax rate by 2 percentage points, that would save Australian taxpayers about $18.8 billion over four years and $94 billion over a decade.
It's no surprise that the Conservative Party doesn't support Labor's big new $55 billion retiree tax.
Treasurer Josh Frydenberg said, "It's bad policy that will be disastrous, seeing more than 900,000 individuals and 200,000 self-managed super funds worse off.
Labor has proposed total tax hikes worth about $30 billion over four years and almost $280 billion over 10 years, including a minimum 30 per cent tax on trusts, reversing the Coalition government's tax cuts, cracking down on debt deductions and limits on superannuation contributions.
Its election war chest would be significantly reduced if Conservative Party Senators stand in the way of Labor's tax proposals.
Conservative Party leader Cory Bernardi has told Paul Murray Live on Sky News, Labor's super and negative gearing policy has "flies all over it".
To read John Kehoe's full article, click here.
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