by the Bankwest Curtin Economics Centre reveals the pressure both the government and Labor will face to promise more tax relief to voters ahead of the next election.
The Bankwest Curtin centre modelling shows a person earning $90,000 this year will have an after-tax income of $69,563. But in 2021-22, their net income will fall to $68,483 due to the absence of the tax offset. The Bankwest Curtin centre found a person earning $15,000 faces an effective tax rate of 80.6 per cent for every extra dollar they earn. This year their effective marginal rate is still 60.8 per cent.
Treasurer Josh Frydenberg will deliver his next budget in May, giving him the option of dealing with the tax hit facing so many low and middle income earners. But any fix will be expensive.
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