The Conservative Party says Shorten and Bowen's budget plans for a future Labor government and Australia were laid bare last night – to smash our retirees, mum-and-dad investors, aspirational voters and the economy with a raft of higher, crippling taxes to pay for evermore free stuff.
Their proposed "hammer and sickle" tax assault on our fragile economy could not be worse-timed as it stutters and teeters in a per-capita recession.
Small investors are already fleeing Australia's housing and share markets in anticipation of the coming tax hits and consequent falls in asset prices from a likely (since last year) Labor government after the May federal election.
By smashing the economy with extra taxes, particularly on saving and investment activity, Labor will not reap anywhere near the $200 billion extra in net revenue they are seeking.
Their resulting budget shortfall will instigate plans and announcements of further pernicious taxes – rinse-and-repeat, as only Labor knows how.
Judith Sloan has more on the folly and dangers of Labor’s big “tax-and-spend” plans in The Australian today. To read Judith's article, click here.
Over the next few weeks, it will be very important to focus on the details of Labor’s tax grab as the changes will affect many people on modest incomes rather than people on very high incomes.
You can stop Labor's economic madness by voting "1" Australian Conservatives in the Senate.
To read Judith Sloan's full article, click here.
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