![shorten](https://quadrant.org.au/wp-content/uploads/2018/12/shorten.png)
Dear Bill, please don’t drop your plan to screw me
Hon Bill Shorten MP
PO Box 6022
House of Representatives
Parliament House
Canberra ACT 2600
Confiscation of Franking Credits
Dear Mr Shorten,
I am not in your constituency nor have I voted Labor since Gough Whitlam’s second election victory in 1974. Nevertheless, as an Australian, I would like to make a heartfelt request. Please do not reverse your ill-conceived and unconscionable plan to confiscate franking credits from self-funded retirees. At least don’t wait a minute longer if you do intend such a reversal, in whole or in part. I will explain my view if you will bear with me.
The pressure against the plan is mounting. Among others, Geoff Wilson, the chairman of Wilson Asset Management, has been prominent in opposing the plan. Reportedly, Solomon Lew expects you to back down once in office. It is all quite disconcerting for those of us faced with protecting our position in retirement.
First on the tax itself. Dividends paid to persons in Australia are taxed at the…
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