Australian opposition leader Anthony Albanese has revealed a new plan for stage three tax cuts, aiming to assist low- and middle-income earners affected by the country's high cost of living. The original cuts were criticized for favoring higher-income earners and neglecting those earning less than $45,000 per year. The new plan was presented to the Labor caucus and officially announced at the National Press Club.
Anthony Albanese has unveiled a major redesign of stage three tax cuts in a move aimed at helping low- and middle-income earners battling through Australia ’s cost-of-living crisis. The stage three cuts — which were introduced and legislated while the former Coalition government was in power and before the current economic environment marred by crippling inflation — are due to come into effect from the next financial year.
WATCH THE VIDEO ABOVE: What the tax cut changes mean for you In their original form, all Australians earning between $45,000 and $200,000 would see a decrease in the amount of tax they paid. Critics, however, argued the cuts skewed favourably towards higher-income earners, while low-income earners, particularly those on less than $45,000 per year, were being left behind. The PM’s reform was presented to a full Labor caucus meeting on Wednesday afternoon and formally unveiled at the National Press Club on Thursday. The original plan would have seen a flat tax rate of 30 cents per dollar for those earning between $45,001 and $200,00
Anthony Albanese Tax Cuts Low-Income Earners Middle-Income Earners Australia
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