The debate over a six-year-old tax package that won’t be in place for another two years highlights the dearth of real tax debate that Australia needs. | Shane Wright | ANALYSIS auspol
The debate over the stage three tax cuts has, sadly, again highlighted the dearth of true tax reform that has gripped Australia for almost two decades.– arguing they should be abandoned because of the post-COVID financial situation the country finds itself in – just added fuel to a fire that’s been simmering ever since the tax package was passed through parliament in 2018.Credit:The package itself has been pulled and prodded ever since.
Parliamentary Budget Office analysis suggests the tax cuts will have to be revisited somewhere around 2030 because low and middle-income earners willThe tax cuts, which appeared affordable when the budget was forecast to show a surplus of between $10 billion and $15 billion in 2024-25, look way too expensive when the budget is now projected to be showing a $47.1 billion deficit in two years’ time.
Someone earning $70,000 a year gains $625 from the package. No one is arguing that a person on $70,000 is on easy street. Australia has one of the world’s highest tax-free thresholds in the developed world. Every person, no matter how much they earn, does not pay tax on the first $18,200 of income.
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