Opened the debate
Spender argued that tax reform should be budget neutral and prioritise lowering income taxes for younger Australians. Spender supported the bill's approach to reducing capital gains tax and negative gearing concessions but criticised the failure to cut marginal rates. Spender contended that bracket creep had eroded previous tax cuts and that the working tax offset was insufficient. Spender moved an amendment to reduce the 45 per cent, 37 per cent and 30 per cent tax rates in subsequent years using the revenue raised. Spender believed this would build community trust and support for the broader reform package.