Angus Taylor has accused the Labor government of using the Easter break as cover to introduce a tax increase, warning that stage three is next on the chopping board.
Low-Middle-Income Tax Offset when the federal budget is delivered in May.
People taking home $50,000 a year will suffer a 3.4 per cent or $29 per week cut in their after-tax income while those earning $90,000 will cop a 2.1 per cent hit. Shadow Treasurer Angus Taylor said the LMITO was “designed to provide targeted relief to low and middle-income earners when they needed it most”. Picture: Getty
Under the scheme, people earning between $37,000 and $126,000 received up to $530 when they filed their tax returns, with the offset later extended and increased to $1,080 ahead of the 2019 federal election.He added that the stage three tax cuts will be next on the government’s hit list. “It’s become clear Labor’s only solution to the cost of living crisis is to break promises and raise taxes.”
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