5 New taxes Labor will hit you with if they win

Labor likes to talk about 100 positive policies, but they really just have a plan to tax hardworking Australians more and spend money they don’t have.

This Federal Election, Labor wants to slap us all with five new taxes:

1. Tax on housing

Negative gearing has been part of the Australian tax system for more than 100 years, helping Mums and Dads make investments for their future.

But Labor is planning to attack housing by abolishing negative gearing on all but new dwellings which will cause housing values to drop.

Hard working Australians who are paying off their home as part of their retirement plans will have the rug pulled from under their feet, with the value of the family home dropping if Labor’s plan is introduced.

2. Tax on Electricity

The Labor Party, under pressure from the Greens, wants to introduce an Emissions Trading Scheme — a carbon tax by another name.

Based on Labor’s own numbers produced when they were last in Government, Labor’s new carbon tax would increase wholesale electricity prices by 78 per cent and cost families $4,900 in income by 2030.

This is going to hit household electricity bills just the same as the carbon tax did, and make average Australian families pay more for electricity.

3. Tax on Small Business

The Coalition wants to cut taxes to give small business owners the chance to invest and grow their businesses which will create new jobs.

The Labor Party have opposed this cut, even though it will grow the Australian economy.

Under Labor’s agenda, around 100,000 businesses — employing almost 2.2 million people — will be worse off.

4. Tax on Earners

Labor wants to increase income tax just like it wants to keep business tax high.

Bill Shorten’s Labor will increase the overall income tax burden on Australians by $16 billion.

In contrast, the Turnbull Coalition Team will protect families from income tax increase and has cut taxes to prevent average full time wage earners from moving into the second top tax bracket.

5. Tax on Investment

Investment is how the economy grows, which is why the Coalition is going to encourage investment.

But Bill Shorten and Labor want to put a tax on investments so that will reduce the capital gains discount by half, which means less incentives to invest and less jobs for Australians.

It would also give Australia the second highest personal capital gains tax rate among comparable countries.This is more class warfare from Labor.

The last Labor-Greens-Independent Government left us with the carbon tax and the mining tax. Now that the Coalition Government has repealed these taxes, Labor wants to implement even more. Labor’s tax and spend approach will means fewer jobs and more debt for Australia. Only the Turnbull Coalition Team has a plan for a strong new economy.

Share this with your friends so that they know what new taxes to expect if Labor wins on the 2nd of July.​