this post was submitted on 22 Jan 2024
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The Stage 3 tax cuts are so unaffordable in the long term that they are effectively the death knell of what was once Labor’s traditional objectives.
They need scrapping, not expanding.
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.
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.
It's strategic. Let them slide this year to keep the promise and score some voter points, get relelected, then next year rebalance the tax brackets to be more equitable and fair.
if you believe that I have a rock I'd like to sell you
The only consolation is that bracket creep means the effect isn’t as terrible as we think.
From the article, it suggests it won't affect the overall amount the cuts will cost the government, they will just scrape a bit off the high income earners and pass it to low/middle income earners. I think it is a media beat up about the problems and opposition he will get to this.. I think it is fair, anyone who is opposed to sharing with the low / medium income earners would seem like a bit if a dickhead.