Updating our tax system to allow Income splitting
All the recent talk of Corporate tax cuts and whose tax policy is the best does nothing for families.
The Democratic Labour Party wants to make changes to the income tax system that allow couples to choose whether to be assessed as individuals for tax purposes or whether to split their income between both and lessen their tax bill.
Split income allows parents with young children to have a choice. They can work and avail themselves of often expensive child care or choose for one to stay at home and care for their children.
The Liberals and the ALP have done nothing to use the tax system to promote the ability for families to have one parent stay at home, not have to work and instead devote their energies to raising a family.
Labour DLP will push for the introduction of income splitting to allow the income of the working parent to be split with the stay-at-home parent for tax purposes, thereby giving them more after-tax income and removing the need for both parents to work.
Only the Democratic Labour Party is committed to changing the way the tax system unfairly and inequitably penalises families.