Using the latest taxation statistics it constructed a model of Australia’s income tax regime, breaking down all taxpayers into 100 groups from the lowest income earners to the highest. It inflated income by nominal GDP and calculated how much each group would pay in tax as the income tax cut is introduced. It found the top 20% of income earners will get 62% of the benefit of the government’s proposed income tax cuts, while the top 10% (very high-income earners) will get about 40%. “Someone earning $40,000 per year will get a tax cut of $455 per year while someone earning $200,000 will get a tax cut of $7,255 per year. Storer has also expressed concerns about flattening the income tax scales, saying the proposal is “regressive” and may be unaffordable.

Source: The Guardian May 09, 2018 18:01 UTC