Original article by Robert Gottliebsen
The Australian – Page: 33 : 7-May-19
Between 2019 and 2025, the cumulative tax bill of people earning more than $200,000 a year will be more than $33,000 higher under Labor than the Coalition, according to a tax calculator on Self-Employed Australia’s website. Low-income earners who receive $15,000 worth of franking credits each year would also be worse off under Labor. The tax policies of Australia’s major political parties are in contrast to the personal and company tax cuts of US President Donald Trump. Some 263,000 jobs were created in the US in April and the unemployment rate fell to its lowest level since December 1969, while there has been average hourly earnings growth of 3.2 per cent over the last year.
AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, SELF-EMPLOYED AUSTRALIA, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT
Original article by Jacob Greber
The Australian Financial Review – Page: 7 : 15-Mar-19
Goldman Sachs estimates that growth in wages across the US economy is currently around 3.4 per cent, and 4.4 per cent in sectors with low wages. The investment bank’s research also shows that wages for workers in the bottom 50 per cent of the US wage distribution is rising by around four per cent a year, compared with about two per cent for those in the top half. The higher growth in low-income wages gained pace from mid-2018, in the wake of the Trump administration’s company tax cuts package. In contrast, the ACTU is advocating a large increase in the minimum wage to address the income gap.
THE GOLDMAN SACHS GROUP INCORPORATED, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, ACTU, AUSTRALIAN LABOR PARTY, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, UNITED STATES. FEDERAL RESERVE BOARD
Original article by Joanna Mather, Tom McIlroy
The Australian Financial Review – Page: 1 & 4 : 22-Jan-18
Walmart is among the US companies that are increasing their wage rates in response to the Trump administration’s tax reforms. Federal Treasurer Scott Morrison says Australian now needs to "catch" up to the US with regard to tax reform, noting that Labor’s opposition to the Government’s company tax package means the nation has missed the opportunity to take the lead on tax reform. Meanwhile, Qantas CEO Alan Joyce and MYOB CEO Tim Reed are among the business leaders who have emphasised the economic benefits of reducing the corporate tax rate.
AUSTRALIA. DEPT OF THE TREASURY, WAL-MART STORES INCORPORATED, QANTAS AIRWAYS LIMITED – ASX QAN, MYOB GROUP LIMITED – ASX MYO, XERO LIMITED – ASX XRO, RIO TINTO LIMITED – ASX RIO, AUSTRALIAN LABOR PARTY, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, APPLE INCORPORATED, AMP LIMITED – ASX AMP, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT
Original article by John Kehoe, Phillip Coorey
The Australian Financial Review – Page: 1 & 12 : 18-Dec-17
US President Donald Trump and the Republican Party are hopeful that his corporate and income tax package will be passed by legislators before Christmas. The package includes a cut in the US company tax to 21 per cent, to take effect from January. Japan has also announced that its company tax rate will be reduced from 30 to 20 per cent, but only for firms that increase local capital spending and boost wages. Meanwhile, Labor and some crossbenchers remain opposed to the Federal Government’s plan to reduce the tax rate for all Australian companies to 25 per cent over 10 years.
UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, REPUBLICAN PARTY (UNITED STATES), AUSTRALIAN LABOR PARTY, BUSINESS COUNCIL OF AUSTRALIA, DEMOCRATIC PARTY (UNITED STATES), UNITED STATES. FEDERAL RESERVE BOARD, STRATEGAS RESEARCH PARTNERS LLC, TAX FOUNDATION
Original article by David Rogers
The Australian – Page: 28 : 5-Dec-17
Tobias Levkovich of Citigroup still expects the S&P 500 to be trading at 2,675 points in December 2018, despite the passage of President Donald Trump’s tax cuts package. Citi’s forecast for the S&P 500 will be increased by just 3.7 per cent if the US corporate tax rate is reduced to 20 per cent. The firm believes that investors may choose to take profits if the tax rate is cut to 20 per cent, upon expectations that the market will not rise any further.
STANDARD AND POOR’S 500 INDEX, CITIGROUP INCORPORATED
Original article by Andrew White, Cameron Stewart
The Australian – Page: 1 & 4 : 4-Dec-17
Australian business leaders have warned that jobs and investment will be at risk unless proposed changes to the corporate tax regime are implemented. Business Council of Australia CEO Jennifer Westacott says the US will attract more capital at the expense of Australia after the US Senate passed the tax package of President Donald Trump. The US corporate tax rate will be slashed from 35 per cent to around 20 per cent, prompting business groups to urge the Australian Labor Party and crossbenchers to support the proposal for an across-the-board reduction in Australia’s company tax rate to 25 per cent.
BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, AUSTRALIAN LABOR PARTY, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, PRICEWATERHOUSECOOPERS, UNIVERSITY OF SYDNEY. UNITED STATES STUDIES CENTRE, AUSTRALIA. DEPT OF THE TREASURY, REPUBLICAN PARTY (UNITED STATES)
Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 29-Sep-17
Business leaders have warned that the tax plan of US President Donald Trump highlights the need for tax reform to ensure that Australia remains internationally competitive. However, the Opposition has reiterated that it will not support the Federal Government’s proposal to progressively reduce the tax rate for all companies to 25 per cent, despite Trump’s plans to reduce the US company tax rate to just 20 per cent. Treasurer Scott Morrison says Australia will not be able to compete with nations such as the US and the UK unless Labor supports the tax package.
UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, BUSINESS COUNCIL OF AUSTRALIA, THE AUSTRALIAN INDUSTRY GROUP, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, NICK XENOPHON TEAM
Original article by Joanna Mather, Sue Mitchell
The Australian Financial Review – Page: 3 : 28-Apr-17
The Australian Goverment will renew its push to pass a bill for across-the-board company tax cuts in the Senate after US President Donald Trump unveiled his tax reforms. Treasurer Scott Morrison notes that most developed nations have a lower company tax rate than Australia, and failing to act will threaten investment and jobs. Business Council of Australia CEO Jennifer Westacott and Wesfarmers MD Richard Goyder warn that Trump’s proposal to reduce the US corporate tax rate to 15 per cent highlights the need for Australia to have a more competitive tax regime.
AUSTRALIA. DEPT OF THE TREASURY, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, BUSINESS COUNCIL OF AUSTRALIA, WESFARMERS LIMITED – ASX WES, PRICEWATERHOUSECOOPERS AUSTRALIA (INTERNATIONAL) PTY LTD, WOODSIDE PETROLEUM LIMITED – ASX WPL
Original article by Joanna Mather, Matthew Cranston
The Australian Financial Review – Page: 1 & 4 : 24-Apr-17
US Vice-President Mike Pence says many other world economies benefit from a strong US economy, including Australia. With President Donald Trump understood to be announcing major tax reform plans on 26 April 2017, American Chamber of Commerce CEO Niels Marquardt says any cut to company taxes will benefit Australian companies that have a significant presence in the US. Pence, who is visiting Australia, notes that the economic relationship between the US and Australia is worth $A1.5 trillion.
UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, AMERICAN CHAMBER OF COMMERCE IN AUSTRALIA, LEND LEASE GROUP LIMITED – ASX LLC, WESTFIELD CORPORATION – ASX WFD, MACQUARIE GROUP LIMITED – ASX MQG, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, CHEVRON CORPORATION, AUSTRALIAN TAXATION OFFICE, CONOCOPHILLIPS, GENERAL ELECTRIC COMPANY, UNIVERSITY OF SYDNEY. UNITED STATES STUDIES CENTRE
Original article by David Rogers
The Australian – Page: 32 : 14-Feb-17
Sharemarkets have rallied in response to indications from US President Donald Trump of a major announcement on tax policy in coming weeks. Diana Mousina of AMP Capital warns that any move by the Trump administration to back away from its proposed tax cuts for companies and individuals would hit shares and US economic growth. However, an overly aggressive fiscal stimulus package would risk a spike in the inflation rate, which would most likely prompt a rise in interest rates. This in turn could derail the sharemarket rally.
UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, AMP CAPITAL INVESTORS LIMITED, UNITED STATES. FEDERAL RESERVE BOARD, STANDARD AND POOR’S ASX 200 INDEX, PERPETUAL INVESTMENTS, PACIFIC INVESTMENT MANAGEMENT COMPANY LLC