Labor considers Senate plan to avoid blocking $140 billion tax cuts


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This gives Labor more detail on the option of accepting this part of the package while rejecting other elements that go to wealthier workers.


Another part of the second stage lifts the top threshold for the 32.5 per cent marginal tax rate from $90,000 to $120,000 from July 2022, but this is outside Labor’s focus on workers who are on low and middle incomes.


The Treasury tables showed this measure would cost $36 billion over a decade, giving Labor an option to oppose this part of stage two and put the savings toward the budget bottom line.


The Treasury documents released to a Senate estimates hearing this week showed the increase in the tax threshold from $90,000 to $120,000 would deliver a tax cut of just $450 a year to someone on $100,000 a year and this would rise to $1,350 a year to those on $120,000 a year or more.


Mr Bowen has sought costings from the Parliamentary Budget Office to consider options on how to amend the second stage of the tax plan.


Article source: http://smh.com.au/sport/hockey-canberras-anna-flanagan-on-cusp-of-hockeyroos-return-20170925-gyol80.html

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