Parliamentary Budget Office tool shows how government could deliver tax cuts and also help those in much more need than people earning over $200,000
This tool in a sense reveals the budget secret-sauce recipe that up to now has been kept in a box in Treasury. It allows you to change various economic forecasts such as inflation and wage growth, and see how everything from tax revenue to government spending to debt changes.” to forecasts added an extra $57.3bn revenue in 2022-23, that is pretty important.If the graph does not display click here
The tool shows that the stage-three tax cuts will cost $300bn in their first nine years, and also just how much scope the Albanese government has to change the tax cuts. If you find this a bit too generous to low-income earners, you could instead cut the tax rate for those earning under $45,000 from 19% to 15.75% and cut the rate for those earning $45,000 to $120,000 from 32.5% to 30% .If the graph does not display click hereRaising the tax-free threshold would give those on $30,000 a 5.7% tax cut, while those on $200,000 would get a 1.7% cut.
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