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Cabinet approves new tax cuts for workers on less than $150,000 in stage-three revampTaxpayers 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 yearFollow our Australia news live blog for latest updatesGet our morning and afternoon news emails, free app or daily news podcastPaul Karp Chief political correspondent@Paul_KarpWed 24 Jan 2024 08.22 AEDTLast modified on Wed 24 Jan 2024 10.42 AEDT24The prime minister, Anthony Albanese, has defended Labor’s plan to make stage-three tax cuts less generous for high-income earners to pay for substantial cost of living relief for others, arguing he must make the “right” decision, not the “easy” one.All taxpayers earning less than $150,000 will benefit from the Albanese government’s plan to reduce tax cuts for high-income earners, including workers earning less than $45,000 who were slated to miss out on stage-three cuts.Guardian Australia has confirmed that on Tuesday cabinet approved a plan to retain the 37% tax rate – unwinding the most controversial element of the Morrison government’s stage-three tax cuts passed in mid-2019 with support from Labor.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.[URL unfurl="true"]https://www.theguardian.com/australia-news/2024/jan/24/cabinet-approves-new-tax-cuts-for-workers-on-less-than-150000-in-stage-three-revamp[/URL]
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
Paul Karp Chief political correspondent
@Paul_Karp
Wed 24 Jan 2024 08.22 AEDTLast modified on Wed 24 Jan 2024 10.42 AEDT
24
The prime minister, Anthony Albanese, has defended Labor’s plan to make stage-three tax cuts less generous for high-income earners to pay for substantial cost of living relief for others, arguing he must make the “right” decision, not the “easy” one.
All taxpayers earning less than $150,000 will benefit from the Albanese government’s plan to reduce tax cuts for high-income earners, including workers earning less than $45,000 who were slated to miss out on stage-three cuts.
Guardian Australia has confirmed that on Tuesday cabinet approved a plan to retain the 37% tax rate – unwinding the most controversial element of the Morrison government’s stage-three tax cuts passed in mid-2019 with support from Labor.
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.
[URL unfurl="true"]https://www.theguardian.com/australia-news/2024/jan/24/cabinet-approves-new-tax-cuts-for-workers-on-less-than-150000-in-stage-three-revamp[/URL]
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