Greens announce 50% tax on Australia's obscene pandemic profiteers

The Australian Greens MPs
The Australian Greens have used their Budget in Reply speech to announce a new tax on extreme profiteering by billionaires during the pandemic.
The new tax, which only applies to the 122 richest Australians, will raise $29 billion. It will be taxed on the amount their wealth increased between March 2020 and March 2021.
While everyone else struggled during the pandemic, Australia’s billionaires increased their wealth by $90 billion, a 34% increase, for a total of $417b between them. The one-off levy, similar to a proposal from Bernie Sanders and Ed Markey in the United States, would see billionaires pay a tax of 50% on the gains made during the pandemic.

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