High-income earners will take a $4546 haircut on tax cuts Australians were told had been locked in, but middle-income earners will be up to $804 better off under Labor’s plan to change marginal tax rates.
The amendments to the planned tax cuts due to come into effect on July 1 include foregoing some of the planned tax cuts for workers earning $135,000 to $200,000 a year, and lowering the bottom marginal tax rate from 19 per cent to 16 per cent.
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Lucy Dean writes about wealth management, personal finance, lifestyle and leisure, based in The Australian Financial Review's Sydney newsroom. Connect with Lucy on Twitter. Email Lucy at l.dean@afr.com
