Labor: We’ll repeal Turnbull tax cuts

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Via The Australian:

Bill Shorten has announced a future Labor government would repeal the government’s $144 billion income tax plan if it passes the parliament as he confirms the party’s opposition the bulk of the package.

The Opposition Leader said Labor was prepared to vote for stage one of Malcolm Turnbull’s income tax package and give relief for workers earning up to $90,000.

But the party would oppose stages two and three, which has measures to gradually eliminate the 37.5 per cent tax bracket.

And the corporate tax cut which is strangely omitted from the analysis.

Quite right too. The second and third stages are nothing more than rich welfare and Budget vandalism.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.