Original article by Phillip Coorey, Tom McIlroy
The Australian Financial Review – Page: 1 & 4 : 18-Jun-19
Finance Minister Mathias Cormann contends that the third stage of the federal government’s income tax package will merely address the issue of bracket creep, rather than benefiting people on high incomes. Analysis of the impact of the tax cuts supports his view; it suggests that high-income earners’ tax liability in 2024-25 will increase by roughly the same percentage as growth in their wages if the full tax package is passed. However, their tax liability would significantly exceed wages growth if the reforms do not proceed. The Coalition is likely to require the support of Senate crossbenchers to pass the tax bill.
AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN LABOR PARTY, CENTRE ALLIANCE, ONE NATION PARTY, THE CENTRE FOR INDEPENDENT STUDIES LIMITED