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THE Federal Government’s plan to hit high income earners with a debt levy isn’t the way to tackle the fiscal problem, according to the Business Council of Australia.
The budget submission 2014-15 proposes an extra one per cent tax for workers earning between $80,000 and $180,000 - and an extra two per cent for incomes above $180,000.
“Temporary tax increases are no substitute for the reforms that are needed to bring spending back under control and put the budget onto a more sustainable footing.
Westacott says the budget should focus on improving government efficiency and target resources to those who need them most.
“Australia needs comprehensive tax reform implemented over the medium term, rather than ad hoc levies in this budget.
Westacott says increasing the dependence on personal income tax will burden workers and slow economic growth.
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