Albanese prepares to break his first promise: Axe tax cuts for the rich

The Albanese government is about to take its first really big risk. By breaking a major election promise. And Peter Dutton can’t wait.

He set the hares running a week ago and he’s not done a thing to try to put them back in the cage. On Friday, he actually prodded them to run a little faster: Jim Chalmers makes some accurate points. Accurate but not relevant. First is that storm clouds are gathering in the world economy. Indeed they are. An international recession is in prospect. And there’s a debt crisis under way. Countries increasingly are having difficulty servicing their debts as interest rates rise.

It’s the wrong time to deliver an inflationary budget. It’d be silly for the government to hit the economic accelerator while the Reserve Bank is hitting the brakes. And it’s inflationary to hand out tax cuts for people to spend, especially if the government has to go deeper into deficit to pay for them.

All the other arguments against stage three – that they’re unfair, that they’re regressive, that they’re wasteful – have always existed. So what’s really changed? The politics.

I love a good backflip, espec with a degree of difficulty this high.

Wasn’t the first promise to have an enquiry into the death of Kimberly Kitching. Kimberly said she was bullied by Penny Wong and Katy Gallagher.

he is still not convinced the electorate believes him

So where's the ICAC morrisson promised ? Note everyone remembers when Labor changed their mind ,but not when the coalition did .

Good decision by AlboMP and supported by the majority - economic times have changed and it would be irresponsible to implement a tax cut with a LNP trillion dollar debt - plus go after trust funds and inheritance where the rich hide their $$

More tax relief means more money spent on goods & services 🤔

Could reframe as breaking promises not the norm for Albanese government. Predecessor would probably just have brushed it away by lying that it was never promised.

I will not vote Labor if they do not get rid of the stage 3 tax cuts.

We could/Should direct these better by 1) paying back debt and deficit (if the stimulus was going to adversely impact inflation or result in interest rate rises) If not inflationary infrastructure to improve productivity and efficiency. Housing, education, health etc.

Good.

With the debt that was left by the LNP , I think it would be foolish to proceed with those cuts. That debt needs to be paid down and there are other things that are important…. ThecRich don’t need to get richer

Why is there so much angst over modest tax cuts for hardworking mums and dads. We spend billions on welfare. Its time the taxpayers who pay for this welfare get to keep a little more of their earned money. Fantastic that AlboMP is standing by his word! stage3taxcuts

Surprise surprise 😨😨

The rich don’t need tax cuts -if they all paid the taxation that they should pay then we would all be better off.

For people buying houses for multi-million dollars, they want tax cuts too? In an economic crisis? It would utterly irresponsible to implement such tax cuts.

Let’s not forget the Christian based precedent of the beleaguered LNP

Force Majeure in my view. Its a good move

It's not breaking your promise when there is new information available

SMH says I have 5 free artcles remaining and that I MUST sign up or else ... should I care? Naaah.

is that a fact or an opinion ,asking for a tax payer

And SMH should be praising him, Not putting him down. How hard it must be to report on something that is not ripping into someone

Part of the problem with Australian politics is how the media portrays political decisions. Labor made commitments pre-election in a completely different world. Now with a war in Europe and looming global recession you could talk about responding to changed circumstances. auspol

Sometimes, just sometimes, decisions need to be taken for the good of MANY vs 4% of the population. How hard is that to understand? Someone on $200K+ DOES NOT NEED the tax cut. But the rest of the people do NEED the benefits of NOT going ahead with these tax cuts! Simple!

typical ALP

And the $275 power price reduction

Conservatives are pushing Labor to renege on the third tier of tax cuts for the rich because they then want to criticise Labor for doing so. They think the community is stupid, but there is a strategy that will make these conservatives, including SMH, look stupid. Figured out?

Australians/ALP, we all know the proposed tax cuts are an oxymoron, and the most corrupt govt in decades LNP, know that too, but they’re writhing in joy waiting for a bullet to fire at ALP, broken promise, broken promise…FS

3.5%

First

I’m a million bucks shy of being a millionaire. I want my tax cut. I want more of the money I earn. Our national anthem proclaims “wealth for toil”… not tax those who do to pay the way of those who don’t. Dismissing this as a cut for the rich is more than a bit rich.

Good! This is worth it.

Most would call it responsible economic management as opposed to economic vandalism if AlboMP went with LNP's high income tax cuts. Trillion dollar debt Budget deficits Cost of living crisis Underfunded services Global uncertainty Inflation & interest rates AustralianLabor

God you guys are sad.

High income earners are only a small portion of the rich. Most of the genuinely wealthy in our society have low absolute taxable incomes. The balance have low incomes relative to their vast wealth. Thoughts about an inheritance tax in Australia?

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Albanese prepares to break his first promise: Axe tax cuts for the richThe stage three tax cuts aren’t to do with now. They were legislated years ago and are factored into every projection by credit rating agencies and institutional investors. And they don’t take effect for another 20 months, writes Peter Hartcher | OPINION It’s not tax cuts for the rich. 🤦‍♂️ The actual story isn't wage earners taxes and shuffling the deckchairs on that one. It's the windfall taxes on their war profits, that the foreign owned multinationals aren't paying. As politicians & high incomes complain they want, no demand their tax cuts These people seem to forget its 2022 where families struggle with cost of living crisis. Govt reminds us every day how tough it is, really. AlboMP JEChalmers abcnews dailytelegraph Politics_SMHAGE
Source: theage - 🏆 8. / 77 Read more »

We all know where the money has to come fromAge readers discuss the Albanese government’s policies on stage three tax cuts and the environment. Perhaps your clever cartoonist could learn a bit about records. The arm is on the wrong side. Never seen a record turn anti clockwise…..if your gunna have a shot, details matter Hey ho
Source: theage - 🏆 8. / 77 Read more »

Scrapping stage three tax cuts will be a broken promiseThe Albanese government should stick with the $243 billion of tax cuts but it must launch a review of the whole tax system to raise more revenue. Sounds like you are worried he might actually do it. Who cares about 'broken' promises. It happens everyday, everywhere, to all of us. Scrap the stage 3 tax cuts. End of story. I think the media in general under estimate the intelligence of the Australian people, most people understand that they aren't prudent or affordable and should be scrapped. When circumstances change our responses to those circumstances must also change.
Source: smh - 🏆 6. / 80 Read more »

Marles responds to 'where's Albanese?' question on tax cutsRichard Marles has been accused of failing to give a 'straight answer' to the question of whether Labor will break its promise on the stage three tax cuts, as he defended Anthony Albanese amid questions about the PM going missing on the issue. You can be guaranteed that LABOR GOVT will back off their original agreement. THERE WILL BE NO TAX CUTS WHILE LABOR ARE IN POWER. It’s fun seeing the opposition wetting themselves knowing they are irrelevant these days. NOTHING IS FACTUAL ON SKY
Source: SkyNewsAust - 🏆 7. / 78 Read more »

Albanese on 'being economically literate'The Prime Minister said he was 'being economically literate' when quizzed about whether comments he made during a speech were laying the groundwork for changes to the stage three tax cuts. The Liberals refuse to see what's happening in the world around them, that's far more dangerous I think he meant illiterate? Meanwhile many opinionators in this neighbourhood seem to require assistance with their economic literacy.
Source: SkyNewsAust - 🏆 7. / 78 Read more »