this post was submitted on 25 Jan 2024
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Stage 3 tax cuts calculator: See how the changes will affect you (www.abc.net.au)
submitted 7 months ago by [email protected] to c/[email protected]
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What are the new stage 3 tax cut brackets?

Here's how the proposed plan looks at a glance:

  • Earn up to $18,200 – pay no tax

  • Pay a 16 per cent tax rate on each dollar earned between $18,201-$45,000

  • Pay a 30 per cent tax rate on each dollar earned between $45,001-$135,000

  • Pay a 37 per cent tax rate on each dollar earned between $135,001 — $190,000

  • Pay a 45 per cent tax rate on each dollar earned above $190,000

What were they going to be?

Here's what the previous plan looked like at a glance:

  • Earn up to $18,200 – pay no tax

  • Pay a 19 per cent tax rate on each dollar earned between $18,201-$45,000

  • Pay a 30 per cent tax rate on each dollar earned between $45,001-$200,000

  • Pay a 45 per cent tax rate on each dollar earned above $200,000

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[–] [email protected] 3 points 6 months ago (2 children)

They talk alot about bracket creep, but why not introduce more brackets above $190k with up to 50% tax to deliver tax breaks to the lower brackets. The rich seem to benefit more from society so maybe they should pay their fair share

[–] [email protected] 2 points 6 months ago

Agreed. It needs to scale much higher.

[–] [email protected] 0 points 6 months ago (1 children)

It's already 47% above 180k (including the Medicare levy), not to mention the GST on most goods and services. The rich pay the vast majority of the tax in this country, and raising tax rates risks pushing some of them to move overseas. (Which results in less taxes collected overall among other issues). It's a fine balance. The real problem, as I see it, is companies and individuals who find ways to avoid paying taxes. We need to fix the loopholes.

[–] [email protected] 1 points 6 months ago

There's also 6.5% payroll tax that we never see.

[–] [email protected] 1 points 6 months ago

I'm just hoping we're not cutting funding away from medical. It's been 2 years since I've been fully bulk billed.