May Labour Force figures, economic management, petrol, broadband – Press Conference, Treasury Place, Melbourne
June 7, 2007AEC, economic management, Kath and Kim – Interview with David Speers, Sky News
June 14, 2007
NO.049
Labors Back To The Future High Tax Policy
Yesterday Labor’s Wayne Swan secretly distributed a document entitled “The Treasurer’s Economic Myths”. He did not have the courage to post it on his website or release it publicly, where it might have been subjected to scrutiny.
“Myth 6” reads: “The Treasurer claims that Labor doesn’t have a tax policy”.
To rebut this “myth”, the document points out:
“In May 2005 Labor outlined its alternative tax plan”
If this plan is Labor’s alternative then it would leave every worker on more than $10,000 per annum worse off.
Set out below are the Labor tax scales compared with those which apply under the Coalition.
|
Labor Policy |
Coalition tax scales (2007-08) |
Coalition tax scales (2008-09) |
|||
|
Marginal rate |
Threshold |
Marginal rate |
Threshold |
Marginal rate |
Threshold |
|
Tax free |
$0 – $ 6,000 |
Tax free |
$0 – $ 6,000 |
Tax free |
$0 – $6,000 |
|
15% |
$6001 – $26,400 |
15% |
$6001 – $30,000 |
15% |
$6001 – $30,000 |
|
30% |
$26,401 – $67,000 |
30% |
$30,001 – $75,000 |
30% |
$30,001 – $80,000 |
|
42% |
$67,001 – $100,000 |
40% |
$75,001 – $150,000 |
40% |
$80,001 – $180,000 |
|
47% |
$100,001 and above |
45% |
$150,001 and above |
45% |
$180,001 and above |
Labor: a “welfare to work” bonus that would provide an effective $10,000 tax free threshold for people earning up to $20,000 per year.
Coalition: a Low Income Tax Offset that delivers an effective $11,000 tax free threshold for low income earners and phases out from $30,000 per year.
CANBERRA
13 June 2007
Contact: Renae Stoikos – 02 6277 7340