In less than a month, voters will face a choice that is not really about the kind of Australia they want right now but about what kind of country they want in five years.
But that is where the consensus ends. The Coalition plans to implement two further stages of tax reform, one beginning in 2022 and the third and final in 2024. Labor opposes those changes. It means that, from 2022, the parties take fundamentally different paths on tax reform.The Coalition says it wants to reward those who have worked hard and had a pay rise by giving them larger tax cuts, which it argues will result in a bigger economic pie for everyone.
The Coalition has proposed eliminating the 37 per cent and 32.5 per cent tax brackets altogether, flattening the tax rate for anyone earning between $45,000 and $200,000 to 30¢ in the dollar, costing $95 billion over the medium term.Labor wants to keep those 37 per cent and 32.5 per cent brackets and will instead deliver a permanent higher tax offset to those earning below $48,000 a year.
It also knows it can't outspend Labor, which has amassed at least $263 billion on the back of its changes to negative gearing, franking credit refundability and opposition to the most expensive elements of the Coalition's tax plan.Labor confirmed on Thursday that it would not be offering anything more to those earning between $90,000 and $120,000 during the election. It's a gamble on the 1.
Despite claims to the contrary, neither party really has a policy that will force wages up economy-wide. Putting more money in people's pockets is both fiscally quick and politically easy.Australians pay a lot of income tax. But that is only because we have not made other taxes collect enough or they are inefficient. Up to 40 per cent of all tax collected in Australia is from individuals, the second highest in the OECD, behind Denmark.
Treasury says the top 20 per cent of income earners will continue to pay 60 per cent of all tax but the government has been unable to provide a dollar figure for the total value of the tax cuts for those earning more than $180,000.Meanwhile, bracket creep – the number of workers moving into higher tax brackets – has continued its inexorable rise and is affecting more and more workers.
ErykBagshaw This is poor quality journalism. Aim higher
ErykBagshaw Tax cuts?! We want a properly funded health system, properly funded welfare, properly funded public education, an equitable tax system, and a water management system that WORKS! Hold corrupt administrators and politicians to account. This COSTS. Don’t blather on about tax CUTS!
ErykBagshaw we r bored n sick to listen to crap ads from both parties They took corp donations which made them corrupt Better not to spend than corruption
ErykBagshaw Pork barreling to get in or get elected . We need honest,decent politicians working for Aus. If this money was spent on essential things like infrastructure,hospitals, energy generation,transportation etc... To make people’s life easy & cost eff then you would not need tax cuts.
ErykBagshaw 'The battle of the tax cuts' Labor cuts tax for the workers and Liberals cut tax for the rich. This is now rocket science?
ErykBagshaw Have we missed the link between taxation and services?
ErykBagshaw What do you expect when people would happily vote for their favourite political brand even if that brand put a potato up as candidate! That is, and has been Australia’s problem for decades!
ErykBagshaw I’d sooner pay more tax to ensure better services and a fairer welfare system that supports and doesn’t punish.
ErykBagshaw Only needs at this stage for tax cuts is for the bottom end,not to the middle, definitely not to anyone earning more than $100000. You are lucky to have high earns,you should be happy proud of pay high taxes. Ask lower earns,how happy they Would be to pay same tax as high earners
ErykBagshaw
ErykBagshaw It is not about tax cuts which we won't get for years. It is about what is done with the taxes I am happy to pay for services and properly project managed infrastructure, they make my life better. I don't need tax cuts I need honest politicians who care about us not themselves
ErykBagshaw As a pensioner....
ErykBagshaw It's not, 'How much will you get?' Rather, 'How much can you keep?'
ErykBagshaw Many of us not on multi-million$ incomes (sorry low taxable incomes') don't care! We'd prefer to see taxes going to pay for public schools, public hospitals and other public services that have been destroyed or privatised by this corrupt govt.
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How much will you get in May and beyond? The battle of the tax cutsThe choice between the Coalition and Labor facing voters as they consider their options over Easter is starker than in many previous elections. ErykBagshaw how much is the LNP corruption costing us? reefgate paladin watergate nbn BankingRC MDBRC ElderlyAbuseRC ErykBagshaw Labor has principles and the Coalition are crooks. 👍🏻 ErykBagshaw I'm confused, I thought labour will tax you for all your hard work and give it to lazy people?
Source: theage - 🏆 8. / 77 Read more »
Teachers, nurses and tradies '$4000 better off' Coalition says as tax battle gets personalIn a move designed to personalise tax cuts that will not be in place for at least five years, Treasurer Josh Frydenberg will on Tuesday release new Treasury figures that show front-line workers how they stand to benefit. will Treasury own these calculations? It's still 5 yrs JoshFrydenberg Anything could & will happen especially as runaway Climate Change continues to destabilize the planet & world economics along with it. We're already seeing it so deal with that, not some magic pudding that means nothing to the general population If you earn $140,000 you might have something to look forward to-if it eventuates. For those below, the opportunity cost will be $200 against $billions of lost health, environmental & education benefits. Simple equation. Far too high a price to pay.
Source: theage - 🏆 8. / 77 Read more »
Ninety per cent tax for a day's work: The battle facing Aussie mumsNew figures show primary carers will gain little to overcome entrenched tax disadvantages in this year's election ErykBagshaw Child care should be government owned & operated just the same as public education. Subsidies to private operators just push up fees. ErykBagshaw I thought I was going bad paying 55% (47%+8%HECS) plus 10% GST on whatever I have left & then 30% on my super. & Bill wants to increase taxes & people wonder y companies shift their profits o/seas, we all would if we could ErykBagshaw
Source: smh - 🏆 6. / 80 Read more »
Public interested in 'bread and butter issues' over tax cuts: Hodgkinson | Sky News AustraliaThe Nationals candidate for the ultra-marginal NSW seat of Gilmore says the public is more concerned about 'bread and butter issues' rather than tax cuts.\n\nKatrina Hodgkinson told Sky News that while tax cuts are important, the public is also concerned about whether the next government will deliver on ‘schools, TAFE, hospitals’.\n\nThe Coalition’s tax cut plan, which when fully implemented in 2024-25, will see the marginal tax rate for incomes between $45,000 to $200,000 reduced to 30 per cent.\n\nThe seat of Gilmore is currently held by the Liberals on a margin of 0.7 per cent, with incumbent Ann Sudmalis announcing she will not contest the seat.\n\nImage: News Corp Australia\n\n\n\n David_Speers KatrinaHoddy When Hodgkinson was NSW Environment Minister she allowed shooters into National Parks, reduced the number of rangers and allowed the wholesale clearing of native bushland on farm properties. What a disaster.
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Morrison centres campaign on tax cuts | Sky News AustraliaTax relief is top of the agenda for Scott Morrison's election campaign in Melbourne on Tuesday. \n\nThe Coalition is arguing traditional Labor voters including teachers and nurses would get more money back under a Liberal government. \n\nMr Morrison says Australian workers would be slogged billions more in tax under a Bill Shorten led Labor government. \n\nMr Morrison remains in Victoria on Tuesday, which is shaping up to be one of the key battlegrounds for both major parties. \n\nImage: News Corp Australia \n\n\n\n\n\n\n\n billshortenmp Gee I hope pinky bill cleared that all with wifey-dear first. billshortenmp Back in 1989 I remember reading the notice on the main doors 'Beware of pickpockets'' C'est la vie to the now unemployed ... they're 'in Seine' Sorry. billshortenmp Shorten wants to bankrupt middle & lower class citizens with higher taxes+death taxes+higher refugee intake+forced purchases of electric cars that will put a bigger strain on the grid+AWU taxpayer $ theft+higher power bills+stop negative gearing then blames Liberals 4 stuff ups?
Source: SkyNewsAust - 🏆 7. / 78 Read more »
PM spruiks tax cuts in ultra marginal seat of Corangamite | Sky News AustraliaTax relief is top of the agenda for Scott Morrison's election campaign in the seat of Corangamite, which is held by the Liberal Party with a margin of 0.03 per cent. \n\nThe Coalition was forced to defend its tax cuts after modelling from the Grattan Institute suggested the government would have to cut spending by $40 billion each year to make up the promised cuts. \n\nHowever under a Shorten led Labor Government, Mr Morrison says Australians will be slogged $387 billion in taxes. \n\nTreasurer Josh Frydenberg has told Sky News on Tuesday that Labor plans to increase tax by two per cent for high income earners. \n\n\n\n\n\n\n\n\n\n ScottMorrisonMP Staged by those that receive franking credits..That us taxpayers pay for.Morrison doing a Tim Wilson.. political_alert haha Sarah Henderson 😂 ScottMorrisonMP So where is the money going to come from
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Morrison centres campaign on tax cuts | Sky News AustraliaTax relief is top of the agenda for Scott Morrison's election campaign in Melbourne on Tuesday. \n\nThe Coalition is arguing traditional Labor voters including teachers and nurses would get more money back under a Liberal government. \n\nMr Morrison says Australian workers would be slogged billions more in tax under a Bill Shorten led Labor government. \n\nMr Morrison remains in Victoria on Tuesday, which is shaping up to be one of the key battlegrounds for both major parties. \n\nImage: News Corp Australia \n\n\n\n\n\n\n\n Politician's need to tell the truth nothing more😯
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Falling house prices threaten tax cuts or surplus, as Australia's economy softensEconomic forecasts from Deloitte Access Economics point to budget problems that may curtail expensive vote-winning policies. swrighteconomy Wait until Bill kills negative gearing 😂 we know what will happen because the ALP Government tried it before. 😂 swrighteconomy I thought a good economy was where most people could afford to buy stuff, support businesses by making them grow through sales and where people earned enough to purchase houses. Obviously the government has different ideas. auspol swrighteconomy These surplus promises are a myth, always have been. We know that all politicians make false promises pre-election, post-election is a totally different thing, that's called reality.
Source: smh - 🏆 6. / 80 Read more »
Morrison's seven-year plan shows who it thinks more deserves a tax cutScott Morrison wants this election to be all about his redoubled plan for lower taxes. But Treasurer Josh Frydenberg doesn’t want anyone saying it will stop income tax being “progressive”. 1RossGittins Can always pick the angle media is pushing by the photos they use. 1RossGittins Scott is always talking 10 years out to d future It is done to inflate his budget/saving projection Only God can predict so far ahead Be truthful PM is a junk yard salesman They r always full of shit n holes 1RossGittins In just the few minutes of his opening pitch, he used the phrase 'strong economy' or something about keeping the 'economy strong' no fewer than 10 times He is a junk car salesman
Source: smh - 🏆 6. / 80 Read more »
The true story: How Wills and Kate really metHere is proof some people have too much money.
Source: newscomauHQ - 🏆 9. / 77 Read more »
'Our little family is damaged beyond repair': Babysitter sentenced over crash that killed toddlerA babysitter involved in a horrific head-on-crash that killed a toddler in northern NSW has escaped jail time. A totally inadequate sentence, one which clearly fails to meet community expectations! The sentence is a weak and pathetic joke! Only jail time would serve some form of justice! The death of a child due to the negligence of others is unforgivable and must be suitably punished!
Source: abcnews - 🏆 5. / 83 Read more »