Today’s back down by the Turnbull Government on putting the company tax legislation to the Senate – after promising to do it firstly in March and this week – is either another massive failure for this Prime Minster or reflects another secret deal between the Coalition and One Nation that they are hiding from voters in Longman, Braddon, Mayo, Perth and Fremantle until after their by-elections.
 
The Government needs to come out today and immediately rule out that it has done a secret deal with One Nation to give $80 billion in tax cuts tobig business company.
 
Today’s humiliation of Mathias Cormann is all about running a protection racket for Pauline Hanson at the upcoming by-election in Longman, so One Nation isn’t seen to be voting for big business tax cuts before the people of Longman cast their vote.
 
It’s a matter of public record that the Turnbull Government and One Nation had an earlier deal in return for supporting the company tax cuts fall over that ultimately saw Senator Brian Burston walk away from the minor party.
 
One Nation votes withMr Turnbull 90 per cent of the time – they are backing his hospital cuts, his school cuts, and they’ll back his $80 billion tax giveaway to big business and the banks.
 
Pauline Hanson belatedly pays lip service to ‘multinational tax’ and the ‘battler’, but actually 60 per cent of the Turnbull Government’s big business tax handout goes directly to foreign shareholders.
 
In contrast, Labor’s Australian Investment Guarantee is a pro-growth, pro-jobs reform that rewards businesses making new investments in Australia.
 
Under the Australian Investment Guarantee, all businesses in Australia will be able to immediately deduct 20per cent of any new eligible asset worth more than $20,000, with the balance depreciated in line with normal depreciation schedules from the first year.
 
The next election will be a referendum on Malcolm Turnbull’s $80 billion tax giveaway to big business. It will be a choice between Mr Turnbull’s plan to send more money to the top end of town while cutting schools and hospitals, and Labor’s plan for better schools, better hospitals and better income tax cuts.
 
And the only way to stop Turnbull’s $80 billion big business tax cut is to vote Labor.