, 13 tweets, 5 min read Read on Twitter
Tim, Tim, @TimWilsonMP - we’ve been through this:
-80% of the $6bn Australia spends on cash payments for #FrankingCredits goes to the wealthiest 20% of retirees
-50% of the total benefits go to the wealthiest 10% of SMSFs, with balances of $2.4m+

I wrote a helpful 🧵for you 👇
More women get cash for #FrankingCredits than men is because high-wealth households put passive income in the hands of the lower-marginal tax-rate person. On average, this is a woman.

In short, the wealthy use #FrankingCredits as a tax loophole.
-The top 1% of SMSFs by fund balance received a cash refund of $83,000 (on average) - an amount greater than the average full time salary.
-10% of the wealthiest households in 2015-16 owned nearly three quarters of the value of all shares in Australia.
Very few people with a *low taxable income* will be affected by Labor’s policy because most retirees in the retirement phase of their lifecycle have *no taxable income* because of the concessional tax treatment of superannuation payments.
Claiming someone receiving cash payments for #FrankingCredits has *low taxable income* and is doing it tough overlooks the fact that their superannuation payments are tax free, and therefore a very low taxable income easily masks a very high income, assets and wealth.
For example: A self-funded retiree couple with $3.2m in super, plus their own home, & $200k in Aust shares held outside super.
Even drawing $130k/year in super income & $15k/year in dividend income, they would report a combined taxable income of just $15k & pay no income tax.
Also, your side of politics doesn’t believe in gender analysis for tax & financial impacts. Don’t you follow what @ScottMorrisonMP says? June 2018: “The tax system doesn’t discriminate by gender. It’s an absolutely ridiculous proposition”
If you really want to do some gender analysis:
-In the 2014 Budget the Liberals cut $1bn from pensioner concession & axed the $900 seniors supplement to self-funded retirees receiving the Commonwealth Seniors Health Card

How did that affect older women @TimWilsonMP ?
-In 2015 the Liberals did a deal with the Greens to cut the pension to around 370,000 pensioners by as much as $12,000 a year by changing the pension assets test. 

How did that affect older women @TimWilsonMP ?
-The Liberals kept the Medicare freeze in place, and cut aged care funding, leading to a blow out in the waiting list for home care places.

How did that affect older women @TimWilsonMP ?
The Libs still want to axe the Energy Supplement to 2 million people, incl around 400,000 age pensioners – a cut of $14.10/fortnight to single pensioners. Couple pensioners will be $21.20/fortnight worse off.

How will that affect older women @TimWilsonMP ?
Looking forward to hearing your gender analysis on these key impacts on older women @TimWilsonMP
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