When asked directly and repeatedly this morning whether businesses would pay more tax under the Coalition, Mr Hockey made it clear that businesses should prepare for bigger tax bills.
BOLT: will big business pay more tax under a Coalition government?
HOCKEY: I amnot going to get into that speculation again Andrew. All I can say to you is that...
BOLT: So you cant rule out that theyll pay more?
HOCKEY: No, were not playing this game. Were going to focus on the overall tax take for Australians. Under the Coalition compared with Labor, well be a smaller government Andrew. We will be a smaller government. Government wont spend as much money under us.
BOLT: Yeah, but its incredible that a Liberal government, a Liberal Opposition party cant guarantee business they will pay less tax under a Coalition government.
HOCKEY: Well as I said to you, different businesses pay different levels of tax. And what youre asking me to do is rule out any tax changes.
THE BOLT REPORT 18 March 2012
This latest admission from the Shadow Treasurer should cause serious concern for the millions of Australian businesses.The Government wants to share the benefits of the mining boom with all sectors of the economy, by reducing the company tax rate by 1 per cent, to 29 per cent, and bringing that cut forward for small businesses by 12 months.
Meanwhile, Mr Hockey and the Liberals want to line the pockets of wealthy mining magnates and put an extra tax on the nations top businesses for their Rolls Royce paid parental leave plan.
Todays refusal to rule out higher taxes should come as no surprise, considering Mr Hockey was a member of the highest taxing government in Australian history.
Under the former Coalition government, tax to GDP reached its highest level of 24.2 per cent in 2004-05 and 2005-06. Today, tax to GDP is 21.2 per cent.
Its clear the Opposition only cares about vested interests, not the interests of all Australians.
