Prime Minister Anthony Albanese is refusing to scrap stage three tax cuts that will help Australia’s richest binches, despite calls for them to be delayed, revisited or ditched altogether. Thanks, my guy.
The cuts were legislated by the former Coalition government in 2019 and were introduced to parliament in three stages. Labor initially opposed the third stage but then came around to it, and committed to keeping the cuts during the party’s election campaign.
The changes are set to come into effect on July 1, 2024. Once they’re introduced, it’ll mean everyone earning between $45,000 and $200,000 will pay 30 per cent in tax. The 37 per cent tax bracket for anyone earning more than $120,000 will also be abolished. Cool!
Albanese made the announcement at the National Press Club in Canberra on Monday, essentially saying Labor didn’t want to reverse its election promise.
“People need to look at what happened with the tax cuts, which was that we actually tried to amend out the stage three of the tax cuts. And we weren’t successful. And they were legislated,” he said.
“The parliament made a decision to legislate those tax cuts, and we made a decision that we would stand by that legislation rather than re-litigate it, and we haven’t changed our opinion.”
Does anyone know Shaq’s position on our upcoming stage three income tax cuts? #auspol#Shaq
