this post was submitted on 22 Jan 2024
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35
Prime minister hints at expansion of stage 3 tax cuts to benefit lower-income earners (www.abc.net.au)
submitted 10 months ago by The_other_fish@aussie.zone to c/australia@aussie.zone
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[โ€“] zero_gravitas@aussie.zone 8 points 10 months ago (1 children)

Absolutely, but they'd be crucified if they went back on their election promise to keep the stage 3 cuts. They'd never hear the end of it.

I reckon they'll wait things out for this term while economic conditions keep the budget in surplus, then take a policy to the next election for some kind of specific levy - maybe an NDIS levy - to try to claw back some revenue as the budget balance is forecast to turn south.

They did say before the last election that they'd make multinational corporations pay their fair share in tax, so that's one area they could make changes to raise revenue, but anything they were going to do there they would have already done by now.

[โ€“] Gorgritch_umie_killa@aussie.zone 7 points 10 months ago

Hmm, you raise a good point. In the last few days the conversation has also been about colesworth. Maybe they're thinking about a more general corporations tax increase, or some kind of fine regime in situations where market power is seen to be being abused.

Me, i favour closing corporations tax loop-holes and increasing corporations tax a bit. As far as stage 3 goes, keep most of it, because bracket creep has happened. But reintroduce the removed tax bracket so the end result is everybodies income tax moves up in line with the tax we were paying years ago.