Treasurer Scott Morrison has finally revealed that the Federal Government’s three-stage personal income tax package will cost $143.95 billion in total over a decade, with the first two stages to cost $102.35 billion. The tax bill was passed by the House of Representatives yesterday, although it is likely to face an uphill battle in the Senate, with Labor and cross-bench senators urging the Government to legislate the first stage of the tax cuts separately. From The Australian:
The Treasurer confirmed the cost of all three phases — which would see the tax rate flattened at 32.5 per cent for those earning between $41,000 and $200,000 by 2024-25 — would total $143.95bn over the decade.
