Tax corporations and the rich
NSW is one of the richest places in the world but you wouldn’t know it visiting under-serviced communities on the outskirts of Western Sydney, working class regions like Port Kembla or pockets of rural deprivation like Walgett. Some of the wealthiest people on the planet, figures like Sydney property tycoon Harry Triguboff live in multi-mansion complexes while working class people can barely afford to rent. Nearly a million people, one in seven across the state live below the poverty line according to the NSW Council of Social Services (NCOSS). At the same time the largest number of billionaires, at least 78 individuals in families live in our state -- their wealth grows by $50,000 every minute according to Oxfam Australia. The increase of billionaire wealth last year, just the increase, could lift 1 million people out of poverty.
The wealth of NSW is being extracted and hoarded by big businesses and the ultra-wealthy who have benefited off successive Labor and Liberal governments cutting their taxes, while imposing more and more obligations on working class people like the toll roads, GST and other regressive measures that burden the poorest without touching the wealthiest. It’s time to take that wealth back.
We’ll fight for
Tax corporations and major property investors
- Raise mining and resource royalty rate to 35%.
- Impose a state-based Bank Profits Tax on banks operating in NSW at 20 percent of annual profits, calculated in proportion to NSW's gross state product (30.8 percent), with legislation to prevent the cost being passed on to customers.
- Double payroll tax on companies with annual wages over $5 million
- Vacancy tax for properties left empty more than 6 months of the year to target land banking and short term rentals.
- Slash all tax concessions for corporations, including abolishing GST rebates for clubs and other businesses.
- Raise gambling industry taxes with tiered brackets starting at 50% up to 75%.
Tax billionaires and the ultra-wealthy
- 10% Wealth tax on billionaires living in NSW and 10% tax on assets owned by billionaires living overseas.
- Apply a ‘Mansion tax’ on the 1 percent of most valuable properties, at 10 percent of improved value per year.
- Apply a ‘Superyachts tax’ on the 1 percent most valuable yachts docked in all NSW marinas, charged at 20 percent of the value of the yacht at the time of purchase.