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'via Blog this'ACTU floats 'millionaires tax' plan
ABC – 15 hours ago
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The union movement is discussing plans for a new "millionaires tax." The proposal will be debated at next week's Australian Council of Trade Unions (ACTU) congress.
ACTU assistant secretary Tim Lyons says the plan is being put forward because unions want a fairer income tax system.
He says billionaires earn most of their money from investments and therefore pay a lower proportional tax rate than the average Australian family.
"It's unfair that some people's income is taxed at a lower rate than others just because of the way they earn it," he said.
"After all a dollar is a dollar in the bank once you get it but some people have a much better deal out of the tax system than others." He says the proposal is similar to the so-called 'Buffett rule' pushed by United States president Barack Obama.
"It originated of course because Warren Buffett, a multi-billionaire, figured out in the United States that he pays less effective tax rate than the woman that worked as his secretary," Mr Lyons said.
"He thought that was unfair, his secretary certainly thought it was unfair and we think it's unfair it happens in Australia."
