WENDELL HUSSEY | Cadet |CONTACT
The Australian Labor Party has today confirmed its commitment to fighting for its base.
Marking their 100th day in office yesterday, the new Government has re-affirmed it’s promise to push through the much maligned Stage Three Tax Cuts.
Brought in by the previous Liberal-National government, the Stage Three Tax cuts are set to cost 248 billion dollars over the next 10 years.
On top of the monumental cost to the taxpayer, which is nearly a quarter of our national deficit, modeling has revealed that they will disproportionately benefit the richest 1% of society – who are definitely all Labor voters.
Parliamentary budget office analysis has confirmed that the top 1% of society will get as much benefit from the tax cuts as the bottom 65% of the population combined.
The policy will abolish the 37% tax bracket, lower the 35% bracket to 32.5%, and raise the top tax bracket from $180,000 to $200,000.
The move will also disproportionately affect women, with male earners to see the overwhelming benefit from the policy.
That has led to many asking why a party that is supposed to be looking after the working class is pushing through a policy that benefits the richest 1%.
“We promised that we would back it,” said Treasurer Jim Chalmers, as if that’s an excuse for the Labor Party backing a policy that would benefit the top 1% of society.
“So our hands are tied really,” said the money guy who clearly doesn’t back himself to articulate that giving 248 billion dollars away to predominantly high-income earners isn’t the greatest policy in these ‘uncertain times.’
Speaking to The Advocate, one lifelong Labor-voter from Betoota Grove said he’s glad the Labor Party is remembering who its base is.
“This is good responsible government,” said the Seniour Associate at a Big 6 Law Firm in the Old City District whose comments definitely aren’t motivated by his own financial interest.
“I mean, incorporating dental into medicare, making uni free for nurses, teachers, and doctors, building enough social housing to help solve our housing crisis, and investing in our future is nowhere near as important as giving cash handouts to people like me who earn $182,000 a year.”
More to come.