Peter Costello

Media Releases

Labor's Latham on Wealth Taxes

NO.096

LABOR'S LATHAM ON WEALTH TAXES

Mr Latham has proposed death duties as part of his Progressive Expenditure Tax (PET).

In 1998, Mr Latham declared that "If the GST is ever introduced, such an unfair, discriminatory and job-destroying tax will need to be repealed." He said that "It is not as if the GST is like some scrambled egg which can never be unscrambled. ...Just as the GST can be legislated in, it can be legislated out. The Progressive Expenditure Tax gives Labor it's best chance of replacing the GST with a fairer and more practical tax." (Hansard, 9/12/98).

Mr Latham has reiterated his support for the PET Tax in the media, for example Channel 10, Meet the Press, 11/6/00, and his book Civilising Global Capital (p133).

Mr Latham's book Civilising Global Capital describes how his PET Tax will tax inheritances (p348). His preferred model states that "an inheritance could be treated as income and taxed in the same way as other income." The only exemptions from these inheritance taxes would be if the inheritance was not sold off or if the money obtained was "appropriately" reinvested.

Mr Latham's preferred model proposes a marginal tax rate of 400% (That's right, 400%!) on taxable expenditures of between $40,000 and $50,000 (p346).

Australians deserve to know more details about Mr Latham's death duties and PET Tax before the election, and not be shocked to learn his kooky agenda afterwards.

MELBOURNE
12 November 2003

Contact: David Alexander
02 6277 7340

 


12 Nov 2003

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