Tax me more: Soheil Abedian. Credit:Glenn Hunt Mr Abedian said an Oxfam study had found that 85 of the richest people on the planet have the same wealth as the poorest 50 per cent (3.5 billion people). He said the government needed to do something to address disparities between the rich and poor, and if it needed revenue to fund essential services such as health and education, it should not do this by taking money off poor households, but tax the rich and companies. "Something needs to give and every single person, as Treasurer Joe Hockey has said, has to contribute to our society," Mr Abedian said. "But it has to be within their means." He said it was not the percentage of tax that mattered, but rather, how much income a person was left with once they paid tax.

"A person who makes $2 million paying 50 per cent tax (close to the top marginal tax rate) is still left with $1 million," he said. Mr Hockey last week said the government wanted to cut personal tax rates – including for the wealthy – but these are not affordable until 2021 due to the budget deficit. The Treasurer wants the Senate to pass the government's controversial budget changes, including welfare cuts impacting poorer Australians, in order to raise revenue and get back to surplus. Aside from community sector groups wanting a fairer tax system, other wealthy people are also starting to speak out against the argument that company tax needs to drop. Melbourne-based corporate and tax lawyer Peter Fox, who has previously worked as counsel with the World Bank and represented some of the nation's biggest companies in court, also called for company tax to increase to 45 per cent.

He said Mr Hockey's line that the corporate tax rate in Australia was one of the highest in the developed world, was not a justification to drop the rate. Australia was facing severe revenue constraints and should direct assistance to where it's most needed. "They [business lobbies] are self-interested in saying [there should be a company tax cut]," Mr Fox said. "They look at everything else and forget to mention their company rate is 15 per cent less than the [top] personal tax rate. "We've got a deficit as long as your arm and the government is being told by the corporate sector, not get more from it, but less. It's taking one huge pool of funds out of the tax net; it's ignoring the contributions that corporations should be making." Mr Fox also called for taxes paid by individuals to be re-examined, so that higher earners pay a greater share than they currently do, but he did not advocate a rate, only saying the richest should pay more.

Mr Abedian said rather than cutting services from the poor, the government could raise hundreds of billions in revenue by taxing the rich and big companies. "Mr Hockey says the personal tax rate nees to be cut – in part I wholeheartedly agree," Mr Abedian said. "Anyone earning up to $50,000 can pay no tax. But those making over $1 million should pay up to 75 per cent tax." Mr Abedian said politicians needed to govern for the majority rather than a small percentage of the community that were arguing for company tax to drop. "The politicians should stop listening to business lobby groups and instead listen to their hearts," he said. "Company tax, in my view, needs to be increased. We are currently paying 30 per cent, but the corporate tax should increase to 45 per cent." He said the business and Coalition line that high company tax made Australia less competitive was a misnomer.

Banks and tech companies were making billions through sales in Australia. "Forgive me, but the four biggest banks are not making money from people overseas," Mr Abedian said. "Where are they going to go? The business lobbies are misleading us so that tax reform can go in the direction that they want." Mr Abedian also called for the Abbott government to reintroduce subsidies for industries that were now virtually defunct, including the textile, car and general manufacturing industries." He was against getting rid of negative gearing and capital gains tax concessions. "If negative gearing is benefiting some people who are rich, then increase their taxes," he said. "If it's increasing the profitability of the development industry, then increase the corporate tax rate."

"I would never advocate for industry to be destroyed. We took concessions off the textile industry. We took concessions off the car industry. Every single industry where we take concessions out we destroy the industry. Concessions are important for job creation." He also is against Mr Hockey's idea to let people tap their super to buy housing, saying it could fuel house prices and decrease affordability. "It's not a wise decision to play with the funds of future generations," he said. Young people would buy in the hope that property prices go up. "But in the same way they go up, they could come down," Mr Abedian said. "Young people could then lose their home and their savings." People earning over $180,000 will face a top marginal tax rate of 49 per cent, after the Abbott government's temporary debt levy of 2 per cent, and the 1.5 per cent Medicare levy and a 0.5 per cent National Disability Insurance Scheme levy. But tax experts predict this group will move to reduce their rate by accessing various concessions.