Greens Treasury spokesman, Peter Whish-Wilson, has written to Labor’s shadow treasurer, Chris Bowen, calling for reconsideration of the tax cuts in shadow cabinet and caucus. The Turnbull government plans to increase the middle income tax bracket from $80,000 to $87,000 at a cost of $4bn over four years. Cutting welfare to fund tax cuts for top earners 'unconscionable', Coalition told Read moreThe tax cut is designed to prevent more than 500,000 people moving into the second-highest marginal tax bracket in the next year and does so through a tax cut to 2.5m taxpayers who earn more than $80,000 a year. But he said Labor’s support for the tax cuts “cuts against the intention” of the speech and stood in contradiction to its principles. Whish-Wilson said the $4bn tax cut would wipe out two-thirds of the savings achieved by the omnibus savings bill with Labor support.

Source: The Guardian October 03, 2016 21:56 UTC