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Forum backs small business tax break: Brown

"There is a consensus emerging at the tax forum that the mining industry doesn't need tax cuts and there's a cry from the heart from small business, which employs almost half the Australian workforce," Australian Greens Leader Bob Brown said today.

"The Greens propose that the big banks and mining corporations forgo the Government's proposed tax cut, which would save $1 billion in government tax revenue just in 2012/13," Senator Brown said in Canberra.

"In 2013/14, the big four banks would be some $295 million better off and BHP Billiton and Rio Tinto would benefit to the tune of $500 million - all at the expense of the taxpayer - if the Government proceeds with its mining tax scheme, as is."

"Small business should get a 5% tax break, cutting its corporate tax rate to 25% from 30%, instead of big business having its corporate tax rate cut from 30% to 29%. Importantly, our proposal would be cost neutral," Senator Brown said.


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