Australian union moots new “millionaires tax”
12 May 2012
The union movement in Australia is discussing plans for a new "millionaires tax." The proposal is to come up for debate at the Australian Council of Trade Unions (ACTU) congress next week.
According to ACTU assistant secretary Tim Lyons, the plan is being put forward because unions are calling for a fairer income tax system.
He adds most of the money that billionaires earn comes from investments, they therefore, paid a lower proportional tax rate than the average Australian family.
He said it was unfair that some people's income was taxed at a lower rate than others just because of the way they earned it.
He added some people got a much better deal out of the tax system than others.
He said the proposal was on the lines of the so-called 'Buffett rule' pushed by US president Barack Obama.
