Independent MP Allegra Spender is pressing Anthony Albanese and Jim Chalmers to pursue ambitious revenue-neutral tax reform in the May budget, as she launched a proposal to cut income tax for typical full-time workers by $1600 a year, funded by higher levies on capital gains, trusts and phasing out negative gearing.
Spender said an intergenerational rebalancing of the tax burden was essential to ensure the Australian ideal that you can get ahead if you work hard was not lost for younger generations who are struggling to buy homes, having children later, starting fewer businesses and facing workforce disruption from artificial intelligence.
