Tax cuts favour mid­dle class, says Turn­bull

Sunday Tasmanian - - News -

THE Turn­bull gov­ern­ment has seized on new anal­y­sis show­ing mid­dle-in­come earn­ers will be the big­gest win­ners from its in­come tax cuts, and has called on La­bor to drop its op­po­si­tion to the re­forms.

Ad­dress­ing the NSW Lib­eral Party State Coun­cil in Syd­ney yes­ter­day, Prime Min­is­ter Malcolm Turn­bull said most of the ben­e­fits of the $144 bil­lion tax cuts would go to mid­dle-in­come earn­ers. “(The plan) is fair, it’s pro­gres­sive, it main­tains the pro­gres­sive na­ture of the tax sys­tem, but above all, it reaches out to hard­work­ing Aus­tralians, hard­work­ing fam­i­lies on mid­dle in­comes,” Mr Turn­bull said.

A break­down of Trea­sury fig­ures pub­lished in The Week­end Aus­tralian and Fair­fax Me­dia shows that af­ter 2024, when the last stage of the plan kicks in and the 37 per cent tax bracket is done away with, re­lief will almost en­tirely go to those earn­ing be­tween $120,000 and $200,000.

La­bor sup­ports the first tranche pro­vid­ing $530 in an­nual tax re­lief for low and mid­dle in­come earn­ers, is still de­lib­er­at­ing the pro­posed cuts in 2022, but has “grave reser­va­tions” about the changes in 2024.

Malcolm Turn­bull

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