Labor rules out $30b tax cuts

Original article by Phillip Coorey, John Kehoe
The Australian Financial Review – Page: 1 & 5 : 9-Apr-19

Labor will not implement the second and third stages of the federal government’s income tax cuts package if it wins the upcoming election. The third stage of the tax cuts is slated to take effect in mid-2024, and would introduce a flat rate of 30 per cent for all people with income of $45,000 to $200,000. The Parliamentary Budget Office’s costings show that the stage three tax cuts would cost about $147.2bn in the first five years. Shadow treasurer Chris Bowen says high-income earners would benefit the most from the stage three tax cuts.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. PARLIAMENTARY BUDGET OFFICE, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, GRATTAN INSTITUTE, MASTER BUILDERS AUSTRALIA INCORPORATED, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION

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