LETTER OF THE DAY: Budget ensures the rich get their cut
READER COMMENT: AGRICULTURE Minister Barney Joyce warned "that government will be forced to close hospitals, scrap the ABC and be left with an ineffective military in just five years if it cannot fix the budget".
Finance Minister Mathias Cormann raised "the prospects of tax hikes" and Education Minister Christopher Pyne mooted "research funding cuts if Budget savings did not pass".
These are statements of political opinion and not statements of verifiable facts.
This is a phantom financial smokescreen. There is no emergency, no unsustainable debt, and there are other areas open to the government to increase revenues.
These include the annual subsidies to the wealthy and corporations of $150 billion.
These government handouts are as follows: 1. Excessive tax cuts to richest citizens, $15.8 billion. 2. Fossil fuel subsidies, $12 billion. 3. Superannuation tax concessions in FY 2015, $36 billion. 4. Negative gearing, $6.8 billion. 5. Capital gains discount on home to FY 2018, $19 billion. 6. Capital gains discount (CGT), $9 billion. 7. CGT discounts for person and trusts in FY 2018, $28 billion. 8. Imputed Rent Exemptions, $9.6 billion. 9. Mining industry subsidies, $4.5 billion. 10. First home venders grants, $1 billion. 11. Private school subsidies per year 2009-13, $9 billion. 12. Private health insurance rebate per year, $5 billion.
The Coalition's budget is unfair, inequitable and harshest to the most vulnerable in our country.