Scummo tax cuts temporary for workers, permanent for rich

Thursday, 8 October 2020

Via The Australia Institute:

Tax Cuts: Temporary for Low and Middle Earners, Permanent for High Earners

New analysis from The Australia Institute has found that the income tax changes announced in the Budget yesterday will disproportionately advantage wealthy Australians both now and into the future.

The limited, temporary benefit that will flow to Australians on low and middle incomes this year will be replaced by larger, permanent tax cuts given to high income earners from financial year 2021-22 onwards.

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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.