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Keep the deficit levy in place: Labor

Labor is urging the Turnbull government to maintain the budget deficit levy on the wealthy.
Labor is urging the Turnbull government to maintain the budget deficit levy on the wealthy.

Labor is urging the Turnbull government to maintain the budget deficit levy on the wealthy, saying millionaires will get a $16,400 tax cut when the temporary impost ends on June 30 while the nation’s finances remain deep in the red.

The levy, a two percentage point increase imposed on the top marginal tax rate, was introduced by former Liberal treasurer Joe Hockey in 2014 to help get the budget on an even keel.

“If that deficit levy was necessary in 2014 when the deficit was only $11 billion it is more than necessary now that the deficit is $37 billion,” opposition finance spokesman Jim Chalmers told ABC television on Sunday.

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