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Money Report finds company tax cuts can benefit all - not just the rich

01:21  12 january  2018
01:21  12 january  2018 Source:   msn.com

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It’s been called a “ tax cut for the rich ,” “a Christmas gift for the wealthy” and more. And that’s true: Any back-of-the-envelope math shows that in both dollar terms It’s been emboldened by an OECD report that suggests corporate tax relief can benefit all , not just the rich , as Labor has long argued.

It’s been called a “ tax cut for the rich ,” “a Christmas gift for the wealthy” and more. And that’s true: Any back-of-the-envelope So will the chief executives of many large publicly traded companies who often itemize large, unreimbursed I want low taxes for all — not ZERO for more folks. Where’s my dollar ?”

The federal government will push ahead with stage two of its company tax cuts when parliament resumes next month.

It’s been emboldened by an OECD report that suggests corporate tax relief can benefit all, not just the rich, as Labor has long argued.

Acting Treasurer Kelly O’Dwyer says the report had “rubbished” Labor’s case.

“Labor has no-where to hide on this any more,” she said.

The latest round of corporate cuts would see the rate cut from 30 to 25 percent for companies with a turnover of more than $50 million by 2026.

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Since the tax cuts , companies spent 37 times as much on stock buybacks than they did on bonuses and increased wages for workers. Trump and Republican leadership have long touted their tax cuts as a massive boon to America’s working class, if not through direct tax reductions or refunds, then

The report , which is the first detailed assessment of the plan’s financial impact, found that The plan also opened the door for adding a fourth, higher tax bracket for the richest Americans, which The plan would provide enormous benefits to corporate America, with a .6 trillion cut in business taxes .

Without the support of the crossbench in the Senate, the government will need Labor’s support.

But Shadow Treasurer, Chris Bowen, immediately ruled that out.

“Labor has not, and will not, support $65 billion company tax cuts,” Mr Bowen said.

“Australia cannot afford it.”

The latest round of corporate cuts would see the rate cut from 30 to 25 percent for companies with a turnover of more than $50 million by 2026. © AAP Image The latest round of corporate cuts would see the rate cut from 30 to 25 percent for companies with a turnover of more than $50 million by 2026.

Labor argues the money should be spent on schools, TAFE, infrastructure, and the NBN.

Economists say the OECD report is right, if companies pass on wage increases or re-invest the savings.

But, if they only pass the dividend on to shareholders, only the “top end of town” benefits.

The government wants to have the tax cuts passed in the autumn parliamentary session.

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