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Get the facts into the hands of Joe Hockey

Last April, GetUp members chipped in to fund polling that found that an enormous 79% of Australians support introducing a Buffett Rule. It's clear there is community backing to get this one over the line, except for one small detail: not enough politicians are talking about it.

That's why we created this infographic that's easy to understand and hard to ignore.

In the wake of the ALP National Conference, where the Labor Party supported introducing the Buffett Rule, GetUp members are delivering the facts to Treasurer Joe Hockey. Together, we can make sure Mr Hockey sees why the Buffett Rule is a better alternative than an unfair increase to the GST.

Will you send Mr Hockey this eye-grabbing infographic – then share it with all your friends?

Thanks to tax loopholes and high priced accountants, Kerry Packer famously reduced his effective tax rate so he paid less tax than his gardener. "The Buffet Rule" would put provide a catch-all for tax loopholes used by high income earners.

The proposed policy would see the wealthiest 1% of Australians, who earn $300,000 or more, pay a minimum of 35 percent tax on their total income – around the top marginal rate for everyday Australians. The rule would only apply to these individuals if through tax deductions they managed to lower their effective tax rate below 35 per cent.

There are sound reasons for some deductions and this rule would not prevent them. It merely places a limit, so that high income earners can't end up paying a lower tax rate than middle income earners.

The rule is named after US billionaire Warren Buffett who was outraged to find his secretary paid a higher rate of tax than he did. So he proposed a minimum effective tax rate to stop the 1% making excessive use of deductions and loopholes.

Click here to see the full policy report on the Buffett Rule, funded by GetUp members and prepared by The Australia Institute based on modelling by the National Centre for Social and Economic Modelling (NATSEM).
Taxation loopholes have long been the domain of the wealthiest Australians due to the huge costs in hiring taxation experts who can play the cat and mouse game of chasing tax loopholes.

According to the Australian Tax Office, 55 Australians who each earned over $1 million in 2012-13 reduced their taxable income to mean they paid no tax.

The Buffett Rule would mean that the load is spread more evenly across all of us at a level that matches up with our income. It would also raise $2.5 billion a year in additional revenue, just by making the existing tax system more effective, which is more than the amount of the Abbott Government's proposed cuts to Newstart benefits and the age pension combined.

Click here to see the full policy report on the Buffett Rule, funded by GetUp members and prepared by The Australia Institute based on modelling by the National Centre for Social and Economic Modelling (NATSEM).

Will you send the infographic to Treasurer Joe Hockey?

Together, we can get the Buffett Rule infographic into the hands of Treasurer Joe Hockey. Will you email Mr Hockey now?

Don't forget to insert your personalised message into the email text box asking Mr Hockey to support a Buffett Rule

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