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The Latest Breaking News from Tax Cuts

Nuclear subs, tax cuts, or money to raise the jobseeker rate – how would you spend Australian tax dollars?

Australia has unveiled a plan to acquire a fleet of up to eight nuclear-powered submarines, forecast to cost up to $368bn between now and the mid-2050s, and up to $58bn over the next 10 years. But what else could the money be spent on?

The Guardian - AU

Paul Bongiorno: AUKUS submarine project should torpedo Stage 3 tax cuts and other myths

Projected to cost $240 billion over 10 years, the Stage 3 tax cuts would go a long way to help pay for the submarine project.

The New Daily

Budget 2023: government needs to show it can jack up growth to regain economic credibility

UK chancellor Jeremy Hunt’s spring budget is a tricky one in terms of timing. Having announced a set of steadying measures in the autumn statement after the Truss/Kwarteng debacle, this budget is likely to be the last but one before a 2024 general election. This makes it a little early…

The Conversation

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Families on Universal Credit to get childcare costs paid upfront in major help for parents

The Chancellor has pre-announced a series of key measures which aim to boost the UK workforce, which he argues will encourage growth that could allow for tax cuts later on

Daily Mirror

Hunt vows to be responsible with UK finances ahead of Budget

The Chancellor played down the prospect of major tax cuts despite pressure from Tory MPs.

The Independent UK

Biden to propose tax hike on billionaires’ investment income in 2024 budget

Mr Biden’s budget proposal will reportedly cut $3 trillion from the US budget deficit

The Independent UK

Biden budget seeks big deficit cuts in challenge to GOP

President Joe Biden is ready to unveil his proposed federal budget, his opening offer in a high-stakes debate about federal finances

The Independent UK

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No time for ‘freebies’: Calls for another tax break to be axed

Income tax cuts are back at the centre of debate as key independents say the public won’t tolerate another tax break for the very wealthy.

The New Daily

Pressure on Labor over tax cuts, amid broad support for super hikes

Pressure is mounting on the federal government over tax cuts, amid support for super changes and ahead of another interest rate rise.

The New Daily

Super changes could affect 10% of people retiring in 30 years, Labor reveals

Coalition accuses government of misrepresenting impact, while crossbenchers push to further tighten tax breaks for wealthy

The Guardian - AU

GOP bill: Tax cuts for straight couples

Tax cuts would only be offered to certain Texans, excluding LGBTQ+, single or divorced parents

Salon

Labor accused of ‘fiddling at the margins’ on super as Greens urge greater crackdown on tax concessions

Nick McKim says Albanese government proceeding with stage-three tax cuts means a ‘money-go-round scheme for the rich’

The Guardian - AU

Grattan on Friday: Trimming the tail of the superannuation tax tiger is no easy task

If you were being really cynical, you might say the government should have hacked into those stage 3 tax cuts, while leaving super alone. That would have received much the same political angst, but saved a heap more revenue.

The Conversation

Gov. Greg Abbott proposes devoting $15 billion to property tax cuts in budget plan

Abbott’s spending proposals also include spending $750 million on school safety and mental health services and expanding postpartum Medicaid to a year.

The Texas Tribune

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Salon

GOP bill: Make Trump tax cuts permanent

One economist noted that the measure is backed by the "same members who are pushing us to a debt limit crisis"

Irish Mirror

Taoiseach Leo Varadkar confirms temporary tax measures will be 'phased out'

Speaking in Limerick on Friday afternoon, Taoiseach Leo Varadkar said that it was always intended that temporary tax cuts would be temporary and that the Government will explain next week how they will be phased out.

The Independent UK

White House: GOP plans would drive deficits up $3 trillion

President Joe Biden plans to go on the offensive against Republicans by saying their policies would add $3 trillion to the national debt

Fortune

More than half of states are considering personal income tax cuts this year

"States’ rainy day funds have never been better stocked."

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The Independent UK

Liz Truss allies to put pressure on Hunt to offer tax cuts in budget

Chancellor has warned it is unlikely there will be significant tax cuts as he focuses on getting inflation down

The Guardian - UK

Truss allies’ calls for sweeping tax cuts fuel further Tory infighting

Some MPs accuse former prime minister of damaging party with her comeback weeks before budget

The Independent UK

Liz Truss admits she didn’t understand ‘tinderbox’ pension problem prior to mini-Budget disaster

Former PM says she has no desire to return to No 10 and vows to keep pushing for tax cuts

Daily Mirror

Shameless Liz Truss blames Tories for not being right-wing enough after economic failure

Truss, who has now been an ex-PM over twice as long as the 49 days she was in the top job, moaned about her party’s failure to back her catastrophic mini-Budget plans for £47billion of unfunded tax cuts.

The Independent UK

Truss points the finger of blame for failed economic growth plan

No 10 will be watching to see if her intervention leads to new demands from Tory MPs for tax cuts.

Daily Mirror

Liz Truss' own Home Secretary says her plan 'clearly' wasn't right and ignored 'reality'

In a 4,000 word screed, Liz Truss blamed everyone from the "economic establishment" to Joe Biden for getting in the way of her bonkers plan for unfunded tax cuts - but even her own ministers say her plan was to blame

The Independent UK

Truss was right to argue for tax cuts, says ex-Tory chairman

The former prime minister has defended her policies as Rishi Sunak faces demands from some Conservative MPs to reduce the tax burden.

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