2y ago

Stage-three tax cuts: cabinet approves new cost-of-living relief for workers on less than $150,000

www.theguardian.com

Australian News @aussie.zone

naevaTheRat @lemmy.dbzer0.com

2y ago

Stage-three tax cuts: cabinet approves new cost-of-living relief for workers on less than $150,000

www.theguardian.com /australia-news/2024/jan/24/cabinet-approves-new-tax-cuts-for-workers-on-less-than-150000-in-stage-three-revamp

13 comments

“[Shadow treasurer] Taylor refused to say whether Australians earning more than $150,000 deserved a tax cut…”
Very telling, don’t you think?
- But the standard news media is trying to make it seem like those poor struggling over 150,000 people got a really raw end of the deal.
  Such a joke
- The internet cries "tax the rich" though. So albo is just following orders.
  And yes, over 150k a year is indeed fine living.
$150,000??????
That’s like 3x my income, that’s I could buy a house every 10 years money. Fuck that noise, people with that much don’t need a tax cut.
- It depends on area as well.
  I make ~150k total comp. I got the job during pandemic.
  I got really close to affording a house, but then RTO happened so I had to move closer to the office. Around the same time house prices ballooned.
  Rent within an hour of the office is now half my monthly income. In my case there are other bills involved as well. I am very fortunate I can save money right now l, but I don't see every ten years being possible if things remain as they are today.
  Hoping I can find a comparable job this year, somewhere cheaper, and happier to live.
  
  Rent is way more than half my income. If I had an extra $100,000 a year I’d be set for life.
Oh ha, lmao I just posted this to news. Uhh mods clean up my post if that sort of duplication isn't allowed.
Gotta say I'm happy, I'd rather see it dropped but that's just not really politically possible so at least this way we're not giving welfare to the rich in one of the lowest taxed OECD countries during a looming revenue crisis as boomers age into their hip replacements.
Watching the conservative media do backflips over how poor Aussie battlers on $200k are hard done by on this is hilarious.
This was a responsible compromise from a functioning government.
Well done to Albo for this honestly. It would have been better if they scrapped the whole thing.
Finally got the stones. Must be an election year...
- May 2025 is the three year mark with an election approximately due
Fuck aspirational voters. People with minimum wage jobs are being creeped into the next highest tax bracket with people making 119kpa, while struggling with rent, utilities and food price increases.
This is the best summary I could come up with:
Savings will be redirected to low- and middle-income earners in a “substantial” cost-of-living relief package, delivering on Albanese’s promise this week that “everyone will get a tax cut” by including those earning between the tax-free threshold of $18,200 and $45,000.
The opposition has noted it amounts to Labor breaking its 2022 election promise to match the stage-three cuts, which were already legislated to take effect in July.
The stage-three plan would have delivered tax cuts worth $9,000 to high-income earners, prompting demands from the Greens and the crossbench to scrap or adjust them to improve fairness.
Asked about his earlier remarks that when it comes to delivering the tax cuts his word was his bond, Albanese said his job was “to get the best outcome for Australians”.
Some Labor MPs are concerned about a backlash from aspirational middle-income voters and that the Coalition campaign on broken promises will hurt in marginal seats – particularly in Western Australia.
But even MPs most at risk acknowledge that although the reforms will be weaponised it is a debate Labor must have to fund greater relief for those struggling to keep up with increased prices, particularly rent and mortgages.
The original article contains 923 words, the summary contains 195 words. Saved 79%. I'm a bot and I'm open source!

13 comments