One for mum, one for dad, one for the country, and one for Bob
KENNEDY MP, Bob Katter, is calling for an income splitting scheme to be established for tax purposes to return more money to families with multiple children and a single income, as well as being prorated down for less deserving situations, and to encourage Australians to have bigger families once again.
Adding further to cost-of-living pressures on families was last week’s interest rate rise, which is predicted to be the first of many. The average borrower with a $500,000 home loan and 25 years remaining will see their repayments rise by $65 a month.[1]
The Katter’s Australian Party (KAP) MP says Australians are a vanishing race of people, and we must pull policy levers to encourage people to have families.
“Double income no kids (DINKS) couples are paying tax at the same rate as families with a stay-at-home wife or husband and three kids. How can anyone consider this to be fair,” Mr Katter said.
“Income tax splitting should be legalised for families with a single income and children, and prorated down for less deserving situations. The income earner should be able to split their income with the number of people dependant on that income (whether that be their spouse and the number of children they have under 18).
“This would drop them down to the lowest tax bracket. It would mean these families where the income earner makes $80,000 to $90,000 would get around $20,000 back at tax time.
“Those that can pay more will. Those that need more, will get more.”
Australia registered a total of 294,369 births in 2020 resulting in a total fertility rate (TFR) of 1.58 babies per woman, which is below the replacement rate, according to the latest figures released from the Australian Bureau of Statistics (ABS).[2]
“This policy will encourage people to have children,” Mr Katter said.
“It is an imperative because otherwise we will vanish as a race of people.
“I’m saying have one for Mum, one for Dad, one for Australia and one for Bob.”
Herbert Candidate for the KAP, Clynton Hawks, said this announcement from the Katter's Australian Party is another feather in the KAP to providing struggling
Aussies with the best support possible to put food on their tables.
“Families have found it difficult over the past 18 months with skyrocketing rent, food and fuel to keep afloat,” he said.
“With income splitting this can save struggling Australian families upwards of $20,000 a tax cycle by dropping them a tax bracket giving them more disposable income to get their family back on track to economic freedom.”
Income tax splitting for families is Bob Katter’s latest announcement on cost-of-living policy.
The North Queensland MP is also calling for a $100 a week increase to the age pension, to be paid for by a 5 percent charge on all imports (primage) which will also give competitive advantage to Australian made products.
He is also advocating for a proper and enforced, work-for-the-dole scheme to be implemented to tackle the workforce shortage in regional and rural Australia.
“People simply cannot afford to live, while able-bodied people sit on the couch and get a wage,” Mr Katter said.
“People who have worked their whole lives cannot afford to live on the age pension payment they are getting now. The Federal Government has failed to reduce cost of living pressures.”
-ENDS-
[1] https://www.9news.com.au/national/rba-interest-rates-how-exactly-how-much-a-rate-hike-will-cost-you-explainer/57064e5c-704b-420a-bbca-24a060b884cc
[2]
https://www.abs.gov.au/media-centre/media-releases/australian-fertility-rate-hits-record-low
