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Labor not watering down trust tax bill, says Mulino

The assistant treasurer, Daniel Mulino, says Labor is not watering down proposed changes to put a minimum 30% tax on discretionary trusts.

We’re not watering this down. This is a very substantial review. This is about fairness in our tax system. It’s about trying to better align the taxes that people pay when they earn income through trusts versus when they earn income from working, from providing their labour.

These are changes that have been called for by experts for decades. If we go back to major reviews in the 1970s and all the way through the Howard government, the Henry review, even the Abbott government’s review, these changes to trust taxation have been called for.

I think he’s getting that from lots of corners. People are saying that the Liberal party needs to do better.

The polls are showing that the Liberal party is at an all-time low. And so, things have to change. Because there’s something existential about the threat that I think the party now faces.

Look, I certainly haven’t closed the door, but I don’t need to rush to a decision. The next election is 18 months away.