Greens back bid to split income tax cuts

Greens back bid to split income tax cuts

Next week, the Senate is scheduled to recommence debate on the remainder of the government's 10-year business tax plan which will reduce the corporate tax rate from 30 percent to 25 percent. The threshold would then shift from $90,000 to $120,000 in 2022- 23. "If you think that can't happen in this country again, look no further than Labor's past record in government", Mr Dutton told parliament.

But while Senator Storer supports the first tranche of cuts, he too wants the package split and is hopeful the government will warm to his "prudent and sensible" plans.

Under the package's first stage, a new low- and middle-income tax offset worth up to $530 for individuals would come into effect next month.

The government's critics reject the use of average earnings, saying it is better to apply the current median salary for all employees of roughly $55,000 a year.

This could mean those on incomes from $41,000 to $200,000 would have same marginal tax rate of 32.5 per cent.

Caucus met in Canberra on Tuesday to confirm Labor's position.

Shorten said in the event the entire package passed the Senate after the looming parliamentary fortnight of backroom brinkmanship, Labor would repeal the tax cuts in stage two and three if it won the next federal election - a stance reminiscent of Labor's GST "Rollback" campaign in the early 2000s.

"Bill Shorten will go to an election promising to increase taxes on all Australians", Mr Turnbull told Fairfax Media.

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"Bill Shorten is promising higher income taxes, higher property taxes, higher taxes on small businesses and higher taxes on pensioners and retirees".

Labor has already outlined policies that add $158 billion to tax revenue over 10 years.

- It has yet to decide whether in government it would reverse the legislation that gives a tax cut for businesses with a turnover of up to $50 million.

Despite lacking the requisite Senate support for all three stages of the plan, the government has gone into the last sitting fortnight before the winter recess insisting the $143bn income tax package be considered as a whole.

Mr Morrison says his upper house colleagues have been working diligently with the "unpredictable and confusing" Senate crossbench to garner support for the tax package.

Others who will support the package are David Leyonhjelm of the Liberal Democratic Party, Cory Bernardi of the Australian Conservatives, Brian Burston of the United Australia Party and Fraser Anning of the Katter's Australian Party.

David Crowe is the chief political correspondent for the Sydney Morning Herald and The Age.

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