95% of Stage 3 Tax Cuts go to high income earners
New Australia Institute analysis of stage three of the government’s income tax plan show high-income earners will get 95% of the benefit, while three-quarters of taxpayers get no benefit at all.
Today the Senate has rejected stage 3 of the government’s income tax plan, which removes the 37 per cent tax bracket completely, resulting in people earning $200,000 facing the same marginal tax rate as someone on $41,000. If passed, stage 3 is not due to come into effect until July 2024.
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