Stage three tax cuts were introduced by the former Coalition government when Scott Morrison was still treasurer.Jim Chalmers says the UK's financial crisis is a ‘cautionary tale’ for Labor's October budget.It would flatten the tax bracket system so someone earning $45,001 would pay the same tax rate as someone earning $200,000.
The tax cuts also come at a massive cost to the economy, budgeted at about a quarter of a trillion dollars. “What we have seen play out in the United Kingdom is not irrelevant to us,” he said, in reference to UK Finance Minister Kwasi Kwarteng on Monday announcing his government would back down on reversing a tax break for top earners that formed part of a package aimed at boosting growth.
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Assistant Treasurer rules out making a 'bad situation worse'Assistant Treasurer Stephen Jones has weighed in on stage three tax cuts ahead of the Albanese Government’s first federal budget since taking office on October 25. No surprise just another broken promise. 👎 Vision not up to scratch ? Should have gone to Specsavers Tax cuts are needed for all. Otherwise Australia is heading to a recession...led by RBA' increase in interest rates
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Chalmers could axe stage three tax cuts ‘as early as October budget’Sky News Political Editor Andrew Clennell says Treasurer Jim Chalmers may make changes to the stage three tax cuts planned by the previous Morrison government. “He was never keen on these stage three tax cuts, taking them to the election in Opposition,” he told Sky News Australia. Mr Clennell said the then shadow cabinet then took the stage three tax cuts – which would eliminate the 37 per cent tax bracket and allow those earning between $140,000 to $200,000 to pay 30 per cent tax – to the election. “You can see the stakes here if the government dumps these – they won’t dump them, but if they amend them,” he said. “It could happen as early as this October budget from what we saw earlier.” Let's hope so.. People on 200 grand a year don't need a tax cut. Chalmers an incompetent dunderhead
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Tax cuts: Labor canvasses capping stage three tax cutsThe Albanese government is looking at options to wind back the reductions for those on higher incomes, but will not dump them altogether as some demand. Jeez that didnt take them long
Source: FinancialReview - 🏆 2. / 90 Read more »
UK backflips on tax cut for wealthy that sparked market turmoilThe British government drops plans to cut income tax for top earners, part of a package of unfunded cuts that sparked turmoil on financial markets and sent the pound to record lows. Hopefully the AlboMP Liberal Govt we extended in May's election will see the blooming obvious & learn from the UK's high income tax cut backdown. JEChalmers you dont gift 240 billion in high income tax cuts when majority of Australians are struggling with cost of living crisis. 'We get it, and we have listened' Kwarteng says. Now if only AlboMP & JEChalmers can similarly use their ears, search their consciences & find their stones to do the same 🤨DontBeLiberalLite Amateurs
Source: abcnews - 🏆 5. / 83 Read more »
Tories ‘completely lost’ after Truss tax U-turn, says Alexander DownerBritain’s new prime minister Liz Truss will lead the Tories to a loss because she has turned her back on conservative economics and the party has lost its way, Alexander Downer says. | latikambourke latikambourke Does Alexander really think she’ll still be PM by the time they go to General Election? Surely she’ll be gone well before Christmas? latikambourke So much for being Thatcher 2.0 Christ almighty, are we really still asking Alexander Downer for his thoughts?!
Source: theage - 🏆 8. / 77 Read more »
Plibersek defends tax cuts despite UK government's backflipTanya Plibersek has defended the government’s position in committing its election pledge of delivering tax cuts to higher income earners despite sharp backlash amid the ongoing cost of living crisis. Abolish all taxes. Replace with a simple sales tax. Of course she stands to get $10,000 tax cut year after year. When a Labor Govt defends tax cuts for themselves & CEO's on millions over life changing services for us plebs, then this is no Labor govt. The new guy in marketing has done a job on Australians. abcnews smh auspol When the beneficiary's start to defend tax cuts gifted to themselves, then there is something seriously wrong. Mon4Kooyong zalisteggall DavidPocock JacquiLambie Politics_SMHAGE theheraldsun newscomauHQ auspol abcnews AlboMP SenKatyG JEChalmers billshortenmp
Source: SkyNewsAust - 🏆 7. / 78 Read more »