Nick Xenophon’s team looks set to sink the boot into the Turnbull Government’s 10-year plan to cut the tax rate for big business to 25 per cent.
The Government must woo nine of 11 votes on the Senate crossbench – the Greens have ruled out supporting the proposal and Labor will only back tax cuts for companies with revenue less than $2 million.
Senator Xenophon’s team has three votes in the Senate and he has told the Financial Review his decision not to back the plan is final.
The senator indicated he may block the tax cuts if the Turnbull government was re-elected back in May, saying: “The question is about whether that would be the best way for Commonwealth money to be spent.”
Sen. Xenophon said he agreed with offering tax cuts for companies turning over up to $10 million, but not with extending the cuts to larger companies.