It’s more a statement of noble intent than a policy, Labor’s Plan to Ensure Multinationals Pay Their Fair Share of Tax, that is. Deckchairs on the proverbial.
There is a teeny bit of transparency stuff, which is okay, as well as the claim made by umpteen oppositions over the years in umpteen countries, which never happens, to set up a Beneficial Ownership Register. Most of the Plan though is to stick with the OECD proposals to wag the chin in Geneva, have meetings, a spot of fine dining, and issue the odd statement about progress.
The pandemic has skewed wealth even further away from ordinary people to billionaires and large corporations. The major parties have no plan to attack the substance of this problem. Make that crisis. They are getting scammed by the people who pay them in political donations. The are letting down ordinary Australians. Already, Labor has dumped all its policies of substance, so neither party has a plan to tackle trusts, franking credits, the blow-out in super tax lurks for the wealthy, the Secret Rich List exemptions for billionaires, negative gearing, and the list goes on.
On personal tax, the majors both favour Stage 3 tax cuts for high income earners and the loss of tax breaks for lower income earners – exactly the opposite of decent policy. That leaves the Greens with the only credible policy on tax, streets ahead.
Michael West established Michael West Media in 2016 to focus on journalism of high public interest, particularly the rising power of corporations over democracy. West was formerly a journalist and editor with Fairfax newspapers, a columnist for News Corp and even, once, a stockbroker.