A CYNICAL IDEA, BILL
AUSTRALIA’S ageing population means the Budget bottom line will blow out if retirees haven’t saved enough to support themselves.
But self-funded retiree Greg Angelo says Labor’s share tax plan is the latest policy that is “reducing the capacity of people to save for their own retirement”.
Mr Angelo (pictured) faces losing several thousand dollars in dividend tax credits under the proposal.
He says it’s an “abhorrent” and “cynical” idea because the credits were designed to offset tax companies paid before giving dividends to shareholders.
“I understand governments are short of money — they seem to waste a lot — but my problem is these changes make it harder for people to save,” he said.