An LNP Senate Candidate for Queensland wants big businesses and the banks to receive a dramatically reduced 12 per cent corporate tax rate, which would mean even more unfair cuts.
 
In footage of him speaking at a forum recently published to YouTube, LNP Senate Candidate Gerard Rennick tells the crowd he’s in favour of slashing the corporate tax rate for big businesses, which is currently at 30 per cent:
 
“So there is a direct incentive for multinationals to ship their profits offshore. Do you know how you fix it? You do what Ireland and Singapore do. They have a company tax rate of 12% and a withholding tax rate of 15%.”
 
Mr Rennick’s comments go to the heart of the LNP’s obsession with showering largesse on the top end of town at the expense of people who work and struggle.
 
The LNP is already funding its income tax cuts for the top end of town with secret cuts to services in the Budget. Any significant reduction to the corporate tax rate like Mr Rennick is proposing would mean even more unfair LNP cuts to essential services.
 
Despite his claims, Mr Rennick’s proposal would see unfunded tax handouts go to big multinational corporations, much of which would spray around offshore in the form of executive bonuses, share buybacks and dividends.
 
If Mr Rennick actually cared about Queensland, and the regions in particular, he wouldn’t be advocating for tax handouts that would come at the expense of essential services that Queenslanders rely on, like schools and hospitals.
 
Only Labor can be trusted to look after working and middle class Australians and properly fund the services they need and deserve.