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BACKBusiness pushes for corporate tax reform
24/08/2015
The treasurer used a speech on Monday to justify the need to cut tax rates to address the growing problem of bracket creep, which pushes workers into higher tax brackets merely though wage inflation.
Business Council of Australia chief executive Jennifer Westacott said the government must also look to lower company taxes to make Australia more competitive.
"Reform of the personal tax system is just one element of a comprehensive tax reform package that supports a growing economy and rising living standards," she said in a statement.
Australian Industry Group chief Innes Willox said reducing the corporate tax rate would provide an even "bigger bang for the buck" in terms of boosting employment, global competitiveness and national income.
Even so, Australian Chamber of Commerce and Industry boss Kate Carnell said the treasurer was "spot on" in wanting to reduce personal taxes because many Australians are hard at work only to see a significant share of there income going to the tax collector.
Published: August 24, 2015
