New analysis of tax office data by the Australia Institute shows the extent by which high-income earners will benefit the most from the federal government’s legislated stage-three tax cuts, which are scheduled to take effect in 2024-25.
In particular, people earning $200,000 or more will receive a tax cut of $174 per week, compared with just $2.40 for people whose annual income is $50,000:
The top 10% of income earners receive 50% of the benefit, and almost three-quarters of the benefit (72%) will got to the top 20 percent.
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Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
