Labor leader Bill Shorten addressed the New South Wales Labor conference over the weekend, whereby he outlined his plan to tax trusts at 30% that would raise $17.2 billion over 10 years. Shorten said the extra revenue could be used to fund services such as education and health, while he stressed that the 30% tax plan would not be applied to farms or charity trusts. Shorten also said that his trust tax proposal would have no impact on 98% of wage earners and fits within Labor’s inequality agenda.
The AFR’s Laura Tingle is impressed with both the policy rationale and the politics behind Labor’s trusts plan:
