Australian billionaires face wealth tax under Greens’ Robin Hood-style policies Super rich would be hit with an additional 10% tax on their wealth above $1bn as party ‘turns the tables’ on wealthiest people.
Australian billionaires would face a new wealth tax under the latest plank of the Greens’ Robin Hood-style plan to tackle the cost-of-living crisis.
The Greens leader, Adam Bandt, will on Tuesday unveil a proposal to hit the nation’s estimated 150 billionaires with an additional 10% tax on their wealth above $1bn.
The policy would also impose a 10% limit on so-called “capital flight” each year, curbing the ability of billionaires to shift their wealth offshore to escape the tax.
That would add to the $514bn raised under the Greens’ other proposed Robin Hood taxes, which would be used to fund policies such as adding dental to Medicare and 50c public transport fares nationwide.
