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Named and shamed: Plan to out billionaires’ tax receipts

·2-min read
Gina Rinehart and Anthony Pratt are two of Australia's richest people. (Image: Getty)
Gina Rinehart and Anthony Pratt are two of Australia's richest people. (Image: Getty)

Billionaires’ tax receipts would be public knowledge under a new plan from the Greens to prompt greater tax compliance among Australia’s richest.

Greens leader Adam Bandt is set to unveil the policy on Saturday after already proposing a 6 per cent tax on billionaires.

Australia’s 10 richest billionaires grew their wealth during COVID-19 by $68.4 billion, while Gina Rinehart doubled her wealth to $36 billion.

Research conducted for the Greens found that 61 per cent of voters would be more likely to vote for a party that was increasing taxes on billionaires and big business.

“Naming and shaming [billionaires] is only the beginning, but it is a critically important step in restoring some transparency and accountability,” Bandt said in a speech seen by The Guardian.

Under the Greens’ 6 per cent wealth tax, 122 Australians would be targeted to raise around $40 billion over the medium term, its policy pitch states.

“Six per cent of Australia’s billionaires’ wealth is a fair share for Australia, but generally, much less than the growth of biggest billionaires during the pandemic,” the Greens said.

US senator Elizabeth Warren proposed an ‘Ultra-Millionaire Tax’ in the lead-up to the American elections.

Under that plan, the country’s richest 0.1 per cent would be slugged with a 2 per cent tax on every dollar over US$50 million. Once their wealth hit $1 billion, the tax would increase to 6 per cent.

Prime Minister Scott Morrison has rejected the Greens’ plan, saying he “won’t be listening to the Greens” on Tuesday.

“Neither will the Treasurer and the Australian people who value their jobs, and who value the strength of an economy which is what actually pays for essential services,” he said.

“This seems to be something that escapes the member for Melbourne and the Greens.”

Image: Yahoo Finance
Image: Yahoo Finance
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