LABOR DOUBLES-DOWN ON SMALL BUSINESS TAX HIKE
12 May 2017
LABOR’S plans to reverse tax cuts for small business, revealed in the Budget-in-Reply last night, have been confirmed again this morning on breakfast television, Small Business Minister Michael McCormack said.
“Just as businesses received the confidence injection to invest, grow and create more jobs thanks to our small business tax cuts, Labor has confirmed it will hike small business taxes,” Mr McCormack said.
Interviewed on ABC News Breakfast this morning, Shadow Assistant Treasurer Andrew Leigh made it clear that a tax hike for small business is front and centre of Labor’s economic plan.
Michael Rowland: It has already got through the Parliament care of the cross
benches, cuts for companies earning up to $50 million in turnover, a 2.5 per cent tax
cut. If Labor is elected, would you rescind that tax cut?
Andrew Leigh: We will take those tax policies to the next election.
(ABC News Breakfast, 12 May 2017)
Mr McCormack said small business tax cuts back the country’s big job-creator, which employs 5.6 million Australians.
“By hiking small business taxes, Labor is hurting Australian jobs,” Mr McCormack said.
“Labor’s plan stops a business expanding and putting on an extra employee, and limits the business’ ability to increase hours and wages.
“Labor doesn’t understand that it is small business – not Government – which creates jobs. They don’t get that small business tax cuts help our 3.2 million small businesses grow, create opportunities and make an even bigger contribution to our local economies.
“Because when you’ve never taken that risk in small business yourself, you will never understand.”
Mr McCormack said the lowest tax rate in decades, increased access to the instant asset write-off and $300 million to cut red tape for small business were all in jeopardy under Labor’s reckless plan.
“Labor will take a small business tax hike to the next election and the Coalition will stand shoulder-to-shoulder with Australia’s job creators, helping them have a go.”