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Greens propose billionaire pandemic levy : Budget 2021

The Greens propose to raise $ 11 billion over four years through a one-off “Bernie tax” or pandemic levy applied only to Australia’s richest people to attack some “obscene” profiteering during the COVID 19 pandemic.

Green leader Adam Bandt announced the proposal, similar to two billion-dollar taxes proposed by US Democratic Senator Bernie Sanders to fund housing and free education, in the Greens’ speech Wednesday night.

“The billionaires won’t like it, but I don’t care,” Mr. Bandt said Wednesday. ‘They won’t like it. They love not to pay their fair share. ‘

Under the plan, which is unlikely to receive government support, a 50 percent tax would be imposed on every increase in wealth by 122 of Australia’s wealthiest people in the past 12 months of the pandemic.

It would apply to Australian residents regardless of where assets are held and non-residents who hold more than $ 1 billion in Australian assets. The Greens say the money raised should go to education, housing and clean energy.

The Greens say Australia’s richest people “behaved like bandits” during the pandemic, including receiving JobKeeper grants from the government, while the rest of Australia made sacrifices.

“This massive increase in wealth by the Australian class of billionaires is obscene,” said Bandt