Tax cuts can work to stimulate the economy and those in the government's existing seven-year tax plan are fair enough. We can't afford not to get cracking with them.
Stages two and three, currently set to kick in from years three and seven of the plan, deliver more attention to the middle and top end of the tax spectrum.But don't get too caught up on dollar figures. According to analysis from both Treasury and Deloitte Access Economics, in total, the package leaves the distribution of Australia’s personal income tax burden largely unchanged.
In dollar terms, high-income earners certainly get the biggest tax cuts, from stage three in particular. But proportionally, the burden of the tax system remains largely unchanged. Huh. There are times to die in a ditch over advancing fairness in the system, and there are times to simply get on with a plan to deliver a broad-based package of tax cuts which leaves the progressive nature of Australia’s tax system largely unchanged.Already, the Coalition government is on course to deliver the biggest shake-up of Australia’s personal income tax system in many a decade.
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