The generations, suburbs and jobs most likely to win or lose from the revised stage 3 tax cuts
10 months, 3 weeks ago

The generations, suburbs and jobs most likely to win or lose from the revised stage 3 tax cuts

ABC  

An act of class warfare or a bid to ensure "no one is left behind"? The Labor government's dramatic redesign of the Stage 3 tax cuts has been accused of "pitting one Australian against the other" – and it's clear that there will be winners and losers. In the 2021 financial year, about 99 per cent of Gen Z's 1.9 million workers had taxable incomes below $150,000, according to Australian Tax Office figures. Roughly 88 per cent of Gen X's 4.2 million workers will receive a bigger tax cut under the new plan than the original. "The original stage 3 tax cuts were essentially very good for very rich men and not so good for everyone else," says Australia Institute chief economist Greg Jericho.

Gen Z Tax Jobs Workers Changes Income Plan Million Win Cent Likely Benefit Lose Original Gen Gen X Jericho Taxable Taxable Incomes  plan  revised  million  win  income  generations  cent  jobs  cuts  taxable  tax  suburbs  benefit  stage  original  lose  changes  likely  workers

History of this topic

Winners and losers from Anthony Albanese's Stage 3 tax cut changes revealed: How much of YOUR money you are set to keep - as Labor approves controversial plan
11 months ago

Winners and losers from Anthony Albanese's Stage 3 tax cut changes revealed: How much of YOUR money you are set to keep - as Labor approves controversial plan

Daily Mail  

Labor has backed Anthony Albanese's decision to break a key election promise as its MPs voted in favour of his planned changes to Stage Three tax cuts. Earlier Cabinet leaks revealed key parts of the Stage Three tax cuts most beneficial to high income earners above $180,000 would be scrapped. Leaked new Stage Three tax cuts Low-paid tax band reduced …

Most taxpayers to get $804, but high-end tax cut halved as government rewrites stage 3
11 months ago

Most taxpayers to get $804, but high-end tax cut halved as government rewrites stage 3

ABC  

The government will halve the stage 3 tax cuts for the highest earners and use the money to deliver an $804 tax cut across the board. Key points: The Albanese government is making changes to stage 3 tax cuts, halving them for the highest earners The prime minister will tell the press club the reversal was motivated by changing economic …

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