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The Latest Breaking News from Tax Cuts

Cost of stage-three tax cuts balloons to $313 billion

The cost of the stage-three tax cuts has blown out to $313 billion over 10 years, with more than half of the benefit set to flow to rich.

The New Daily

Morning Mail: cost of tax cuts to soar, Biden cancels Australia visit, call to regulate AI

Income earners in top 20% set to scoop $227.6bn of total $313.1bn benefit; president to focus on domestic political deadlock due to US debt

The Guardian - AU

Macron’s tax cuts attempt to woo the French middle class

French President Emmanuel Macron announced on Monday evening tax cuts of up to €2 billion for the French people. The announcement targets France’s middle class, which has borne the brunt of high inflation and stagnating salaries over the past few months.

France 24

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Stage-three tax cuts cost blowout predicted, with men and the wealthy to benefit most

Adam Bandt decries ‘massive black hole’ after Parliamentary Budget Office analysis puts cost at $313bn over a decade

The Guardian - AU

Macron promises €2 billion in tax cuts for French middle class

As part of his continued attempt to move past his government’s contentious pensions reform, French President Emmanuel Macron has announced two billion euros of tax cuts for the middle class before the end of his term.

Radio France Internationale

Why tax policy experts fear the Texas House plan to lower property taxes could have dire ripple effects

Both the House and the Senate’s proposals on property tax cuts would give modest savings to the typical Texas homeowner, but critics say the House plan could create vast inequities and disproportionately benefit wealthy homeowners.

The Texas Tribune

Failure to protect nature is a bigger threat to humanity than inflation, Australian scientists warn

‘For just 10% of the stage-three tax cuts, we could recover every one of Australia’s almost 2,000 threatened species,’ says ecologist

The Guardian - AU

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You be the Australian treasurer: raise welfare, reform the tax system, go for a federal budget surplus

Tax cuts for high-income earners, build a bullet train, scrap the submarine program, raise jobseeker – you decide in this interactive feature

The Guardian - AU

Jobseeker must be substantially raised in the budget – and there’s a simple way to pay for it

If the stage-three tax cuts were only temporary, there would be no need to delay lifting support for those who need it most

The Guardian - AU

IRS Relief for Florida Comes as Lawmakers Mull Major Tax Cuts

Residents impacted by recent severe Florida storms have an extended IRS tax deadline.

Kiplinger

These tax cuts are set to reshape Australia's budget

The stage 3 tax cuts are too big to fit on a single screen. We had to get creative to put them into perspective.

ABC News

‘Considerable’ numbers of Labor MPs join push to raise JobSeeker

Economists, anti-poverty advocates and Labor MPs are among those calling on the government to raise the “cruel” rate of JobSeeker.

The New Daily

Italy plans looser rules on short-term jobs, tax cuts on wages

Italy plans contested legislation that will make it easier for firms to hire workers on short-term contracts, as part of a set of measures aimed at boosting jobs and families' purchasing power, including tax cuts for middle- and low- income workers.

Reuters

'I was a Tory for decades - but I back our teachers and nurses fighting for fair pay'

Former Tory MP and Commons Speaker John Bercow is firmly on the side of those striking for fair pay deals - arguing people would happily forgo tax cuts to ensure dedicated professionals are properly paid

Daily Mirror

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The Guardian - AU

Katy Gallagher ‘unchanged’ on stage-three tax cuts, won’t commit to raising jobseeker

Leaving welfare payments at current rate ‘unconscionable and grossly irresponsible’, says anti-poverty body

The Guardian - AU

The stage-three tax cuts are bad economic policy – and a dumb political strategy, too

Does Labor think they will get credit for ‘fiscal responsibility’ from a shameless opposition that implemented the cuts in the first place?

The Guardian - AU

Afternoon Update: Labor blasted for jobseeker stance; tributes flow for Father Bob; and Melbourne’s endless suburban sprawl

Beloved Melbourne priest who defiantly and tirelessly advocated for the underdog has died aged 88

ABC News

Stage 3 tax cuts to benefit rural Australia the least, analysis shows

Country Australians will benefit the least from the stage 3 tax cuts, a new analysis based on tax data shows.

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The Guardian - AU

Rural Australia and Tasmania to receive almost no benefit from stage-three tax cuts, analysis finds

‘It’s arse about face … giving nothing to the people who are screaming for assistance,’ Tasmanian senator Jacqui Lambie says

The Guardian - AU

Redesigned stage-three tax cuts among options that could halve $50bn budget deficit, report says

More changes to super tax breaks and a royalty on offshore gas suggested as Grattan Institute warns deficit must shrink to avoid rising debt interest bill

The Texas Tribune

Texas House approves $302.6 billion state budget with tax cuts and teacher and state employee raises

After a marathon debate, the bill will head to the Senate, where lawmakers have been crafting their own version of the spending plan.

Texas Observer

‘We Are in a Crisis’: Texas Public Schools on the Edge

Vouchers and property tax cuts strike at a public school system already hemorrhaging hard-working employees.

The Guardian - AU

Free public transport trial across Australia for 12 months would cost $2.2bn, Greens say

Parliamentary Budget Office has costed Greens’ proposal and MP says it is one-seventh the projected $17.1bn cost of stage-three tax cuts

Salon

Trump, Bush tax cuts drive national debt

“The United States does not have a high-spending problem; it has a low-tax problem,” the report concludes

The Texas Tribune

House panel advances new Texas budget with property tax cuts, teacher pay raises

The proposal recommends spending billions on programs including property tax cuts, teacher pay raises, mental health services and border security. It leaves out requests for pay raises for retired state employees and funding for rent relief and childcare programs.

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