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Fresh from his victorious battle against the trough not accepting cash, Bob Katter is now taking aim at the tax system. Katter wants a ‘split income’ taxation model, which would, he says exempt families from paying income tax. Why? Because he believes Australians are “a dying race as no one could afford to have families and the current tax models we’re favouring dual income, career-minded individuals, rather than someone wanting to raise children”.
The average income being about $100,000, tax on that is $25,000. Each individual in a household is left with $75,000 disposal income. Now a family of five. There might be a stay-at-home parent . So an average income of $100,000 is also $75,000 after tax, however, that’s split five ways – so really each individual has $15,000.