Former Prime Minister Paul Keating has attacked Labor's political and policy position on tax, saying its proposed top marginal rate of 49.5 per cent was "too punitive" and would result in the state "confiscating almost half of people's income over $180,000".
The former Labor prime minster and treasurer said the top rate of personal income tax should be 39 per cent "at the most", and the government's proposed rate of 47.5 per cent was also too high.
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Laura Tingle is The Australian Financial Review's former political editor. She is now chief political correspondent for the ABC's 7.30 program. Connect with Laura on Facebook and Twitter.
Phillip Coorey is the political editor based in Canberra. He is a two-time winner of the Paul Lyneham award for press gallery excellence. Connect with Phillip on Facebook and Twitter. Email Phillip at pcoorey@afr.com
