"The $200,000 and above crowd will pocket $7225 translating to about $139 extra a week. Good to be in this group!"
I don't envy them because those few taxpayers in that group will be paying 36% of all income tax come 2025!!
Whereas currently the top bracket only pay 30% of all income tax.
So bracket creep will be winning the battle come 2025.
Now that is what I call an overly progressive-scaled tax.
Glad I'm not in that top bracket that you consider are so fortunate.
Only a foolish zealot would be incentivised to be in that group paying 47% tax; if you don't pay the medicare levy then you must've paid private medical insurance instead.
Either way you've been taxed 2%+ over and above 45% eagle'!
I heard Turnbull say on ABC radio this evening that the taxpayers in the top bracket currently pay 30% of all income tax but when the tax changes are fully introduced in 2025, those in the top bracket [$200,000 plus] will be paying 36% of all income tax.
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