Federal Treasurer Jim Chalmers says the UK government's failed attempt to bring in tax cuts for high-income earners is a 'cautionary tale' for policymakers in Australia.
Federal Treasurer Jim Chalmers says the UK government's failed attempt to bring in tax cuts for high-income earners is a"cautionary tale" for policymakers in Australia.
The plans were outlined four years ago, but remain in play ahead of this month's budget despite a change of government to Labor, and the shock brought by the COVID-19 pandemic. Already legislated, the plan would abolish the 37 per cent tax rate, putting in place a 30 per cent flat tax rate for anyone earning between $45,000 and $200,000.Taxation expert professor Helen Hodgson at Curtin University said tax reform is needed to ensure middle-income earners are not being impacted heavily by stagnant wages.
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