Would you support company tax cuts if it meant more money in your pocket? That’s exactly what Prime Minister Malcolm Turnbull will ask at today’s National Press Club address.
Malcolm Turnbull will give his first National Press Club address of the year today and is expected to push for support on business tax cuts, with a promise of $750 extra a year for the average worker.
Labor has rejected the business tax cuts, a key issue in last year’s Federal Budget. The proposal to incrementally, over the next decade, cut the business tax rate from 30 per cent to 25 per cent, would, according to the Government add one per cent to economic growth.
However, the Prime Minister may have to promise a little more to get the public on board with a poll from Essential Research reporting that only six per cent of respondents believe that companies pay too much tax, while 72 per cent believe that large multinational companies, such as Google and Apple, don’t pay anywhere near enough. Many people, 60 per cent, believe that such companies should be pushed to pay more tax as this would result in more revenue for the country’s budget.
In contrast, 13 per cent of respondents believe retirees on high incomes pay too much tax and 46 per cent believe people on low incomes also pay too much tax.
Despite the Government’s mantra that lower company tax will mean greater economic growth, people have really changed their views since last surveyed in March 2015.
What do you think? Are company tax cuts the way to improve the economy? Or should large multinationals simply be made to pay their fair share?