By Chief Advocate Ian Henschke
In March the Labor Party announced a radical new policy. If elected it would close a “tax loophole” exploited by the rich.
It would reap $59 billion over 10 years by disallowing tax credits from Australian shares to be paid to people who had no income. Labor leader Bill Shorten said: “A small number of people will no longer receive a cash refund.”
But the “small number” was a large number. It included hundreds of thousands of pensioners, part pensioners, war widows, people on Centrelink payments and self-funded retirees.... Read More