Up to 700,000 middle income Australians will face a higher effective marginal tax rate for the next three years at an annual cost to the economy of $500 million under the joint plan of the Coalition and Labor for short-term tax relief.
Facing calls for tax relief and a campaign around low wages growth from Labor, Mr Frydenberg announced the LMITO would be doubled from July 1 for people earning between $48,000 and $90,000.After $90,000, where the 37 per cent tax rate begins, the $1080 offset is reduced by 3 cents for every dollar of income a person earns until it is exhausted at $126,000. It means for every dollar a person earns above $90,000 up until $126,000 they pay an effective tax rate of 40 per cent.
"That means around $300 million less in consumption and saving and around $200 million less in income tax revenue, all because of LMITO. That half a billion per year is the real, measurable, and unavoidable cost of targeting the Coalition's tax break."Dr Hamilton said it was bizarre that while the Coalition was promising to abolish the 37 per cent rate because it "saps incentive", it was lifting that rate to 40 per cent for a large number of people.
Mr Frydenberg, while not disputing the analysis, said the Coalition was focused on its long-term tax plan.
swrighteconomy This is an extremely badly written article. Instead of this blob of text, a simple before and after graph of marginal and effective tax rates would have provided a thousand times more clarity and information.
swrighteconomy What’s your solution swrighteconomy
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Source: SBSNews - 🏆 3. / 89 Read more »
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Source: abcnews - 🏆 5. / 83 Read more »
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