If we want a better, more equal society, we need more tax. But more tax only works if big business pays their fair share

‘Business advocates will yell that you don’t tax income but profits. And sure, but after a decade are we really saying Santos isn’t making a profit?’ writes Greg Jericho. Photograph: Bloomberg/Getty Images

Last Friday two news reports perfectly encapsulated why people might feel the economy is rigged against them. First, the ATO released the corporate tax transparency report showing that 28% of companies with annual turnover above $100m paid no tax on their income here. Then came a report by Jonathan Barrett on the impact of the ATO’s new initiative of clawing back old tax debts.

The political reality is if we want a better, more equal society, the government needs to raise more tax to pay for better public services and benefits. But more tax only works if the system is also fair.