How rich Australians could be paying higher income taxes to fund coronavirus ...

Revealed: Which Australians will end up being slugged with higher taxes to fund massive government spending programs to stop COVID-19 wrecking the economy Griffith University's Paul Williams flagged higher taxes on richest Australians  He saw 'emergency taxation powers on the rich' as necessary as COVID-19 bit  This could see revival of 60 per cent tax rates that were abolished in mid-1980s 

By Stephen Johnson For Daily Mail Australia

Published: 06:33 BST, 3 April 2020 | Updated: 06:51 BST, 3 April 2020

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Rich Australians could be slugged with higher taxes to fund coronavirus stimulus packages.

In just three weeks, the federal government has spent $320billion on programs to support workers and small businesses hit by COVID-19. 

Prime Minister Scott Morrison has unveiled three stimulus packages as Australia faces the worst global pandemic in 100 years and the sharpest economic downturn since the 1930s Great Depression.

Griffith University politics lecturer Paul Williams said even a Coalition government would have to consider raising taxes on the highest income earners to fund future employment creation programs for the young unemployed.

Rich Australians (Sydney Harbour yacht, pictured) could be slugged with higher taxes to fund coronavirus stimulus packages. Griffith University politics lecturer Paul Williams said even a Coalition government would have to consider raising taxes on the highest income earners to fund future employment creation programs for the young unemployed

Rich Australians (Sydney Harbour yacht, pictured) could be slugged with higher taxes to fund coronavirus stimulus packages. Griffith University politics lecturer Paul Williams said even a Coalition government would have to consider raising taxes on the highest income earners to fund future employment creation programs for the young unemployed

This could see those earning more than $180,000 pay a top marginal tax rate of 60 per cent, reviving tax rates on the rich that were reduced in the mid-1980s by a Labor government.

'The audience would be much more receptive,' Dr Williams told Daily Mail Australia on Friday. 

In a shrinking economy teetering on the brink of a depression, he said the government would need 'emergency taxation powers on the rich and perhaps even the super rich'. 

Dr Williams said taxes could also be raised on those earning more than $1million a year, as companies making super profits paid higher corporate taxes.

Until 1986, Australia still had a top marginal income tax rate of 60 per cent.

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