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The Latest Breaking News from Tax Cuts

Income tax changes ruled out this budget but push for new review into revenue gathers steam

The Treasurer may have ruled out making changes to the stage 3 income tax cuts in his first budget, but there is a growing push for more comprehensive tax reform from experts and the parliamentary crossbench.

ABC News

In sticking with tax cuts divorced from reality, Labor is left with a hard choice

The big question prior to Treasurer Jim Chalmers delivering the Albanese government’s first budget on October 26 has been whether it will seek to modify the “stage 3” tax cuts legislated by the Morrison government, with Labor’s support.

The Conversation

Archbishop of Canterbury ‘deeply sceptical of trickle-down economics’

During a tour of Australia, Justin Welby expressed his concerns about tax cuts for the very wealthiest.

The Independent UK

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Archbishop of Canterbury criticises tax cuts for the rich

Justin Welby ‘deeply sceptical about trickle-down theory’ and can see no moral case for budgets that disproportionately affect poor

The Guardian - UK

'Liz Truss signed her own death warrant in nonsensical 9 minute press conference'

It was not just having to U-turn on her signature policy of corporation tax cuts that sealed her fate. It was her complete inability to show any contrition for the damage she has inflicted on her country and her party

Daily Mirror

Liz Truss Is Flailing, Politically and Economically

The British Conservative Party can’t figure out what it wants.

Reason

Rising costs, insecure work and the stage-three tax cuts make Australia’s class system even starker

The sorts of long-term jobs we used to take for granted are now only available to a diminishing pool of established elites

The Guardian - AU

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Spending cuts of up to £40bn expected after Liz Truss announcement

U-turns have filled less than half the £62bn ‘black hole’ created by Kwasi Kwarteng

The Independent UK

Truss was right to focus on growth. But her rush to get things done was short-sighted

City comment: Rather than hurrying to make announcements, the PM should have spent more time reassuring markets her policies were credible

Evening Standard

Liz Truss to raise corporation tax in another humiliating U-turn

PM makes second climbdown and sacks chancellor after package of unfunded tax cuts sent the pound tumbling

The Guardian - UK

The U.K. prime minister fires her finance chief and nixes tax cuts to calm markets

In a move to calm financial markets and her own Conservative Party, Prime Minister Liz Truss canceled planned tax cuts for corporations and replaced Kwasi Kwarteng as treasury head with Jeremy Hunt.

WEKU

Even neoclassical ideologues have to admit stage-three tax cuts aren’t the answer

While Stage 3 tax cuts are good for the top four percent of income earners, they literally give nothing for those earning below $45,000.

The New Daily

UK Treasury chief dashes back to London amid crisis

Britain’s Treasury chief is dashing back to London for urgent talks with Prime Minister Liz Truss amid growing expectations that they will scale back unfunded tax cuts to calm financial markets and quell a burgeoning revolt by members of their own party

The Independent UK

FTSE 100 Live: Truss scraps corporation tax cut; Hunt replaces Kwarteng

Liz Truss has U-turned on her policy to block a planned rise in the rate of corporation tax. Speaking at a press conference in Downing Street, the PM said: “Parts of our mini budget went further and faster than markets were expecting...we will do whatever is necessary to ensure debt…

Evening Standard

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The Independent UK

Liz Truss news - live: Kwasi Kwarteng sacked as chancellor ahead of press conference

PM to make announcement after days of pressure from backbenchers

The Guardian - AU

Stage-three tax cuts condemned as ‘unconscionable’ as Acoss report shows extent of poverty

Advocates say it should be a ‘source of great shame’ that one in eight people live in poverty in such a wealthy country

The Guardian - UK

This mini-budget crisis feels like the death of the Conservative party

Liz Truss has reduced the Tories to a failed revolutionary faction staring into a £62bn black hole, says the Guardian columnist Polly Toynbee

The New Daily

Debate on tax gets ugly as Sussan Ley takes on Teal independents

Deputy Liberal leader Sussan Ley attacked new teal MPs for opposing the stage-three tax cuts for high-income earners.

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Insider UK

Liz Truss faces growing pressure to rip up tax-slashing plans

An attempt to win over mutinous MPs at a meeting of the 1922 Committee reportedly failed

Manchester Evening News

Liz Truss leadership 'in peril' after own MPs turn on her in fiery meeting

The Prime Minister was accused of “trashing the last 10 years” of the Tories’ record at a meeting with backbenchers

The Guardian - UK

Poorer families risk £1,000 hit from earnings-related benefits rise

Below-inflation rise would save exchequer tenth of £40bn to be given out through tax cuts, says thinktank

ABC News

Treasurer Jim Chalmers warns of US recession prior to meeting with G20 counterparts

Treasurer Jim Chalmers acknowledges the "deteriorating global economy and rising inflation" would put pressure on his upcoming budget, ruling out changes to legislated stage 3 tax cuts.

Daily Mirror

'Blundering Liz Truss must U-turn on tax or risk turning Britain into basket case'

The Prime Minister is in a crisis entirely of her own making and deserves no sympathy - she must ditch her unfunded tax cuts for the wealthy and swallow her pride

Daily Mirror

Why Liz Truss' pledge not to cut public spending is not all that it seems

Critics believe the Prime Minister has three options: U-turn and cut spending, U-turn on tax cuts, or keep going and drive the economy off a cliff. Some of the answers may lie in the detail

Daily Mirror

Furious Tories order Liz Truss to get rid of tax cuts for the rich - or she will be GONE

The blundering Prime Minister was tonight urged to ditch her tax cuts for the rich bonanza as the financial crisis deepens amid fears for pensions, mortgages and jobs.

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