Dr Chalmers defends Labor's tax plan and the $28 billion revenue from changes to the stage three tax cuts, stating that the proceeds will be returned to households worst affected by cost-of-living pressures. He also addresses the criticism of the tax plan, stating that it is political rather than economic.
Dr Chalmers says he is returning the proceeds of tax bracket creep to households worst affected by cost-of-living pressures , hitting out at critics of Labor ’s $28 billion haul from changes to the stage three tax cuts . Changes unveiled this week mean millions of higher income earners will face bracket creep at a rate faster than previously planned, through the reinstatement of the 37 per cent marginal rate and wages rising past the $135,000 threshold.
The Coalition’s original stage three design would have removed the 37 per cent marginal rate from July 1, a structural fix designed to address bracket creep. Labor will instead give more generous tax cuts to low- and middle-income earners, halving the benefits for workers with higher incomes. But Dr Chalmers on Friday insisted critics of the tax plan, and the $28 billion in revenue over 10 years, were making political, not economic, criticism. “We are returning bracket creep and we are doing that in a way which recognises there’s more than one way to return bracket creep,” he sai
Dr Chalmers Labor Tax Plan Tax Cuts Bracket Creep Cost-Of-Living Pressures Criticism Revenue
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Labor's Bad Luck and Mismanagement in 2023Labor's disastrous response to events in 2023 raises questions about bad luck and bad management. Prime Minister Albanese and his government seem to have squandered their political capital.
Read more »
Labor calls for tougher rules on supermarket pricesSupermarkets could face tougher rules on how they set prices or stiffer penalties from consumer complaints, with the Albanese government arguing big retailers should be passing on savings in grocery bills in a cost-of-living crisis.
Read more »
Former Northern Territory Labor MP Criticizes Current GovernmentFormer Northern Territory Labor MP Scott McConnell criticizes the current government for neglecting remote communities and using indigenous disadvantage as a commodity.
Read more »
Labor Caucus Members Meet with Prime Minister to Discuss Cost of Living MeasuresLabor caucus members have been called to Canberra on Wednesday for an urgent meeting with Prime Minister Anthony Albanese to canvass new measures to cut the cost of living, as the government works on energy subsidies and other proposals to deliver help to households.
Read more »
Australian Labor Party's Commitment to Uluru Statement From the HeartAnthony Albanese's commitment to the Uluru Statement From the Heart and the challenges faced by the Australian Labor Party in pursuing Indigenous rights.
Read more »