Stage 3 tax cuts

2022 - 8 - 30

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Image courtesy of "ABC News"

Stage 3 tax cuts and the Federal ICAC - Politics with David Crowe ... (ABC News)

Liberal MP Russell Broadbent is the latest to call for the stage three tax cuts to be dumped - so will the government reconsider?

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Image courtesy of "SmartCompany.com.au"

Labor is sticking to its Stage 3 tax cut plans as business support ... (SmartCompany.com.au)

The Albanese government says it has no plans to repeal a set of income tax cuts projected to cost $243 billion over the 10 years.

“So, our focus is on the here and now. We’re bringing people together through the Jobs and Skills Summit. [Artificial intelligence software developed by Google has found thousands of undeclared swimming pools in French backyards, resulting in a hefty tax bill for the owners.](https://www.smartcompany.com.au/technology/google-ai-undeclared-pools-tax-windfall-france/) [$1.55 billion Technology Boost and Skills and Training Boost programs](https://www.smartcompany.com.au/finance/tax/technology-skills-training-boost-tax-offset/), signaling the government will indeed finance a costly measure supporting small business. [Business bookkeeping platforms have welcomed draft legislation which could create $1.55 billion in "bonus" tax offsets for small businesses.](https://www.smartcompany.com.au/finance/tax/technology-skills-training-boost-tax-offset/) [could impact tax receipts in the years to come.](https://www.smartcompany.com.au/finance/economy/chalmers-wages-inflation-interest-rates-treasury/) Taking to social media on Monday morning, Greens Leader Adam Bandt called for the government to tear up its support for the Stage 3 cuts, and instead channel its tax receipts into social services. [ the nation’s business registry revamp](https://www.smartcompany.com.au/finance/economy/labor-business-registry-coalition-budget-cuts/) will actually cost $1 billion more than projected by the Coalition. The decision not to change stance on the Stage 3 tax cuts comes as the Labor government faces higher-than-expected expenses and an uncertain economic forecast, which [Guardian Australia,](https://www.theguardian.com/australia-news/2022/aug/29/stage-three-tax-cuts-richest-1-of-australians-will-save-as-much-as-poorest-65-combined-analysis-shows) found the top 1% of Australian income earners could expect to save $1.4 billion in tax payments for 2024-2025 — more than the bottom 65% of income earners combined. When asked if Labor would now reverse course on the tax cuts, given the shaky economic environment his government has inherited, Albanese yesterday said the party will “stand by the comments” it made in support of the overarching legislation. Those earning $50,000 a year could expect to save $2.40 in tax a week under the Stage 3 cuts, but those earning $200,000 per annum would

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Image courtesy of "The Guardian"

Stage-three tax cuts: richest 1% of Australians will save as much as ... (The Guardian)

Adam Bandt says changes will 'turbocharge' inequality as parliamentary budget office analysis finds men will benefit the most.

The Greens have begun referring to the changes, legislated under the former Coalition government, as “Labor’s tax cuts”. Labor’s jobs summit and the October budget must deliver cost-of-living relief for everyday people now – axing the tax cuts for billionaires and funding dental into Medicare, free childcare and affordable housing instead.” “This week’s jobs summit must reconsider the stage-three tax cuts for the wealthy, or everyday workers will fall further behind. The tax cuts, which will cost $243.5bn over that period, would see $160.6bn flow to men and $82.9bn to women. By 2033, the top 1% of earners would get $14.3bn in reduced taxes. Labor has come under pressure to revise the tax plan, with economists warning it would make the tax system far less progressive.

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Image courtesy of "The New Daily"

Liberal MP Russell Broadbent calls for scrapping of Stage 3 tax cuts (The New Daily)

A Liberal backbencher has called for the scrapping of tax cuts for high-income earners amid growing pressure for the Prime Minister to do so.

‘‘Labor’s support for lower taxes has always been lukewarm at best. Mr Broadbent said the money that would be lost from the budget due to the tax cuts would be better spent in other areas. When things change, we should change,’’ he told ABC News on Monday.

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Image courtesy of "Mirage News"

Labor's Stage 3 Tax Cuts give richest 1% as much as bottom 65% (Mirage News)

Lines from Adam Bandt MP, Leader of the Australian Greens: “Labor's Stage 3 tax cuts for billionaires and the wealthy will turbocharge inequality and widen the ...

“Labor’s Jobs Summit and the October Budget must deliver cost of living relief for everyday people now, axing the tax cuts for billionaires and funding dental into Medicare, free childcare and affordable housing instead.” “Labor’s Stage 3 tax cuts cost a fortune, and the wealthiest 20% get close to 80% of the money. “Labor’s Stage 3 tax cuts for billionaires and the wealthy will turbocharge inequality and widen the gender pay gap.

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Image courtesy of "Sky News Australia"

Taylor: Albanese's stance on tax cuts 'unenthusiastic' (Sky News Australia)

Shadow treasurer Angus Taylor has labelled Anthony Albanese's position on stage three tax cuts as “unenthusiastic” after the Prime Minister's address to the ...

And they were legislated. “The Parliament made a decision to legislate those tax cuts, and we made a decision, we made a decision that we would stand by that legislation rather than re-litigate it, and we haven’t changed our opinion.” And we weren’t successful. Try 1 month free. 25+ news channels in 1 place. Shadow treasurer Angus Taylor has labelled Anthony Albanese’s position on stage three tax cuts as “unenthusiastic” after the Prime Minister's address to the National Press Club on Monday.

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Image courtesy of "The New Daily"

Liberal MP Russell Broadbent calls for scrapping of Stage 3 tax cuts (The New Daily)

A Liberal backbencher has called for the scrapping of tax cuts for high-income earners amid growing pressure for the Prime Minister to do so.

‘‘Labor’s support for lower taxes has always been lukewarm at best. Mr Broadbent said the money that would be lost from the budget due to the tax cuts would be better spent in other areas. When things change, we should change,’’ he told ABC News on Monday.

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