Millions of higher income earners will face bracket creep faster than previously planned under the overhauled stage three income tax cuts , to shield many more average workers from rising tax rates ., the average worker earning about $73,000 a year will not face a higher average tax rate than their current 22 per cent for six years until 2029-30, up from four years under the Coalition.
The two-year reprieve for the average worker under Labor has been achieved by spreading more widely among 14 million people the Coalition-legislated tax cuts, which had delivered more bracket creep relief to high earners. “What the Treasury advice says is that there’s a better way to return bracket creep than what was proposed under the Morrison-era tax cuts,” Treasurer Jim Chalmers said. “Some people think that the only way to reform the tax system is reform that overwhelmingly benefits people on the highest incomes.”The Treasury analysis released by the government excludes stages one and two of the Coalition’s tax package that was tilted towards lower and middle-income earner
Tax Cuts Bracket Creep Higher Income Earners Average Workers Tax Rates
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