After Albo promised during elections that he would not go back on it, there is a high possibility Labor will be going back on 3rd stage tax cuts.
Tax payers should be defined as Donors (Net tax payers) & Receivers (Net Nil tax payers)
Its shameful how tax payers are treated. Time to show respect to the people who actually pay for the country to be run.
Our esteemed Treasurer Jim Chalmers is travelling to the USA to discuss these things.
Maybe he should see the current tax brackets they have:
| Not over $9,950 | 10% of the taxable income |
| Over $9,950 but $40,525 | $995 plus 12% of the excess over $9,950 |
| Over $40,525 but not over $86,375 | $4,664 plus 22% of the excess over $40,525 |
| Over $86,375 but not over $164,925 | $14,751 plus 24% of the excess over $86,375 |
| Over $164,925 but not over $209,425 | $33,603 plus 32% of the the excess over $164,925 |
| Over $209,425 but not over $523,600 | $47,843 plus 35% of the excess over $209,425 |
| Over $523,600 | $157,804.25 plus 37% of the excess over $523,600 |
For the UK:
Income Tax rates and bands
| Band | Taxable income | Tax rate |
|---|
| 1 | Personal Allowance | Up to £12,570 (AUD $22,029) | 0% |
|---|
| 2 | Basic rate | £12,571 to £50,270 (AUD $88101) | 20% |
|---|
| 3 | Higher rate | £50,271 to £150,000 (AUD $262,886) | 40% |
|---|
| 4 | Additional rate | over £150,000 Over AUD $262,886 | 45% |
|---|
AU
Personal tax rates unchanged for 2021–2022
- taxable income up to $18,200 – nil;
- taxable income of $18,201 to $45,000 – 19% of excess over $18,200;
- taxable income of $45,001 to $120,000 – $5,092 plus 32.5% of excess over $45,000;
- taxable income of $120,001 to $180,000 – $29,467 plus 37% of excess over $120,000; and
- taxable income of more than $180,001 – $51,667 plus 45% of excess over $180,000.
