Amid the chaos of #libspill, the Coalition government's signature plan to cut the big business tax rate from 30 to 25% for companies with turnover above $50 million was blocked in the Senate on August 22. The vote was 36 to 30.
As the United States’ largest corporations continue their unprecedented stock buyback spree in the wake of President Donald Trump’s US$1.5 trillion tax cut, new government data published on May 22 shows that US banks are also smashing records thanks to the Republican tax law. They raked in $56 billion in net profits during the first quarter of 2018 — an all-time high.
The Victorian Socialists released this statement on the Batman byelection on March 18.
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The Labor Party has managed to retain the seat of Batman, by offering a progressive and competent candidate in Ged Kearney, after years of imposing the right-wing powerbroker David Feeney on the electorate, as part of factional deals.
Exxon has not paid a cent in corporate income tax on a total income of nearly $25 billion over a three-year period, and it has not broken any rules.
Santos, which is fighting to get its controversial 850 coal seam gas wells approved in the Narrabri in NSW, paid no corporate tax in 2014-15 and 2015-2016. It only paid $3 million in corporate tax in 2013-14 when, over those years, it reported revenue totalling $11.2 billion.
How can this be the case?
A series of submissions to a long-running Senate inquiry into corporate tax avoidance are asking this very question.