Labor’s tax cut changes ‘spell disaster’ for PM: Andrew Clennell

Sky News Political Editor Andrew Clennell has questioned whether the Albanese government’s reworking of stage-three tax cuts is “worth the pain”. “I think the key question here is how much is coming off the top end?” Mr Clennell said. As currently legislated, from July 1, the 37 per cent tax bracket for incomes between $120,001 and $180,000 would be removed and instead they would pay 30 cents in the dollar, meaning those earning between $45,0001 and $200,000 on the same rate. But under Labor's expected change, the 37 per cent bracket is set to stay for those making between $135,000 and $190,000, with the highest 45 per cent rate applied after the latter. Those with an annual income of more than $200,000 are expected to have between $1000 to $3000 removed from their tax cut. “If it’s only $1,000, how much extra do the low to middle-income earners get anyway?" he said. “If it’s $3000, it’s a real problem – either way, I think the policy is the problem. “There’s a lot of Labor people I speak to who think it spells disaster for the PM.” Via news.com.au — Australia’s leading news site https://www.news.com.au