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Watch Out Mining Billionaires Because Labor Just Adopted A 35% Tax On The Rich

*cha ching*

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"This proposal is the creation of a minimum tax rate levied on the total income of high-income earners," said Albanese.

"If adopted, wealthy Australians would continue to spend fortunes on accountants. But once they reached a certain rate - 35% is what was proposed in the United States - no further deductions could be claimed."

The "rule" is named after U.S. billionaire Warren Buffett who proposed adopting a minimum tax rate for high-earners to ensure people didn't avoid paying their fair share.

Albanese cited Australia Institute research which showed more than 75% of Aussies who earn over $1,000,000 didn't pay any tax and that adopting the policy would raise $2.5 billion each year.

The Labor delegates voted to make the policy part of the party platform.

If elected it might cause a backlash against the ALP from Australia's growing number of millionaires who've used accountants to reduce their large tax bills.

Mark Di Stefano is a political editor for BuzzFeed News and is based in Sydney.

Contact Mark Di Stefano at mark.distefano@buzzfeed.com.

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