Income tax cuts pass Senate

From Sky News:

Prime Minister Scott Morrison has announced the bringing forward of personal income tax cuts outlined in the budget was successfully passed today in the Senate.

Mr Morrison announced under the bill, businesses would receive tax changes, allowing them “to invest in their future, creating jobs right across the country to ensure that we can come out of this COVID-19 recession”.

He said the government would spend $2 billion on special incentives on research and development “which will drive forward particularly our manufacturing industries, as part also of our manufacturing plan”.

“And important changes that say that you’re a small business, and medium-sized businesses, up to $50 million in turnover, where you can access important concessions that cut red tape and enable you to go about your business,” he said.

“All of this means more jobs.

“This is a real Budget that is going to have a real impact on Australians as we come out of this COVID-19 recession.

“This is the Budget that Australians needed.”

Unconventional Economist
Latest posts by Unconventional Economist (see all)

Comments

  1. And all the hundreds of thousands of unemployed, and under-employed people say, ‘So, what?!’

    But the wealthy will have more to money to buy other people’s houses with!

    Long live neo-Feudalism!

    Bloke!

    • As a rich kid once said to me “Jobs are for losers!”

      I guess the unemployed should just get rich daddies and laugh at all those losers celebrating a tax cut.

      • Less Woke More BlokeMEMBER

        No one ever said jobs are for losers.

        We all know they are for loosers!

        (Bloke! (Fkn))

  2. Here is a tip
    business, the money flow, in this nation, is the same as our productivity
    it is less than 1
    meaning the more money in circulation, the more you spend and the harder you toil
    the further behind the nation and you become.
    For some, clipping the ticket, as per the NBN mob, may hold out for longer than the general punter
    and the elite, who are not affected by govt decisions may exist a little longer.
    but all this hocus pocus is just moving deck chairs on the titanic
    There is no generally acceptable short term solution-fix.
    the only question i have is, will the spiral down the toilet be clockwise or anti clockwise.

    • This is true – rarely are productivity and innovation linked to people with crushing levels of debt. Its always the safe approach. Its always been my experience that most people take very few chances when their families housing is on the line should they lose their job.

      • Less Woke More BlokeMEMBER

        Well, that depends on how you define too much.

        Is $1 too much?

        I never said I was paying too much – I have no issue with taxation spent properly (I know, I know) – but that’s not to say a cut isn’t appreciated….as Kerry Packer said….”I can tell you you’re not spending it that well that we should be donating extra!”

        • how times have changed:
          Young Mr Packer, just told us he had no idea where the money was spent.