“It’s time for a good hard look at our whole tax system,” James Pearson, Chief Executive Officer of the Australian Chamber of Commerce and Industry, said today.
Responding to America’s sweeping tax reform package, which slashes the company tax rate from 35% to 21% and provides tax relief for middle income earners, Mr Pearson said: “Our tax system is one of the most uncompetitive in the world.
“Modelling shows that major reform of our most inefficient taxes, such as company tax and stamp duty, could boost Australia’s national income by tens of billions of dollars a year.
“Tax reform is difficult. But with the right policy settings and an appetite for meaningful change it can be achieved.
“Tax reform should not disadvantage the vulnerable nor unfairly penalise the prosperous. It should focus on maximising growth, efficiency and productivity.
“America has reset the agenda. It’s time we had a good hard look at our whole tax system.”