This is the reality! "Phase three only benefits upper-middle and...

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    This is the reality!

    "Phase three only benefits upper-middle and high earners

    Phase three, which would kick in on July 1, 2024, is the centrepiece of the plan and the biggest change to the current system.
    It simply removes the 37 per cent tax bracket from the system, creating one giant middle tax bracket of 32.5 per cent for income between $41,000-$200,000.
    That move doesn't give any additional tax relief to anyone earning $120,000 a year or less, but gives a steadily increasing tax break for everyone above that level until it tops out at the new top tax threshold of $200,000 where the 45 per cent tax rate kicks in.
    The biggest beneficiary of this is anyone earning $200,000 a year or more, who gets 4.5-cents-in-the-dollar tax relief on earnings between $120,001-$180,000 and a 12.5-cents-in-the-dollar tax cut on income between $180,001-$200,000, adding $7,225 a year to their take-home income.”

    http://www.abc.net.au/news/2018-05-11/budget-2018-income-tax-brackets-explained/9747794
 
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