Bill Shorten says Labor won't be abolishing trusts but closing the loopholes that allow income splitting. Treasurer Scott Morrison has slammed the plan as the politics of envy and a direct assault on small business.

So is Labor's plan a raid on the tills of small business or a win for taxpayers?

The chief of the Council of Small Business Australia, Peter Strong and the Chief Executive of the Grattan Institute, John Daley speak to Carrington.