What are the new stage 3 tax cut brackets?
Here's how the proposed plan looks at a glance:
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Earn up to $18,200 – pay no tax
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Pay a 16 per cent tax rate on each dollar earned between $18,201-$45,000
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Pay a 30 per cent tax rate on each dollar earned between $45,001-$135,000
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Pay a 37 per cent tax rate on each dollar earned between $135,001 — $190,000
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Pay a 45 per cent tax rate on each dollar earned above $190,000
What were they going to be?
Here's what the previous plan looked like at a glance:
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Earn up to $18,200 – pay no tax
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Pay a 19 per cent tax rate on each dollar earned between $18,201-$45,000
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Pay a 30 per cent tax rate on each dollar earned between $45,001-$200,000
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Pay a 45 per cent tax rate on each dollar earned above $200,000
They talk alot about bracket creep, but why not introduce more brackets above $190k with up to 50% tax to deliver tax breaks to the lower brackets. The rich seem to benefit more from society so maybe they should pay their fair share
Agreed. It needs to scale much higher.