Taxpayers earning under $150,000 would be better off under a plan to retain the 37% tax bracket, unwinding the Morrison government’s stage-three tax cuts due to come into effect this year
Thanks Albo ya legend
The only reason the LNP passed this was so they could look like heroes for removing it if they were still in govt, or they could play the “poor economic managers” card against ALP when they adjusted it.
ALP did the only sensible thing here. No brainer IMO.
This is the best summary I could come up with:
Savings will be redirected to low- and middle-income earners in a “substantial” cost-of-living relief package, delivering on Albanese’s promise this week that “everyone will get a tax cut” by including those earning between the tax-free threshold of $18,200 and $45,000.
The opposition has noted it amounts to Labor breaking its 2022 election promise to match the stage-three cuts, which were already legislated to take effect in July.
The stage-three plan would have delivered tax cuts worth $9,000 to high-income earners, prompting demands from the Greens and the crossbench to scrap or adjust them to improve fairness.
Asked about his earlier remarks that when it comes to delivering the tax cuts his word was his bond, Albanese said his job was “to get the best outcome for Australians”.
Some Labor MPs are concerned about a backlash from aspirational middle-income voters and that the Coalition campaign on broken promises will hurt in marginal seats – particularly in Western Australia.
But even MPs most at risk acknowledge that although the reforms will be weaponised it is a debate Labor must have to fund greater relief for those struggling to keep up with increased prices, particularly rent and mortgages.
The original article contains 923 words, the summary contains 195 words. Saved 79%. I’m a bot and I’m open source!