New research from The Australia Institute, released just weeks out from the Federal Election, shows that a majority of South Australian voters want the government to mobilise all of society, “like they mobilised everyone during the world wars”, to tackle global warming.
New Australia Institute modelling shows that at least $77 billion of the lost revenue from the Morrison Government’s top-end tax cut plan will benefit those earning more than $180,000, and $64 billion of that figure will go to those who earn over $200,000.
The Government has claimed that the difference between its tax cut plan and Opposition’s is $230 billion over ten years. The analysis also reveals that after the Government’s tax plan is fully implemented in 2024-25, high income earners will pay a smaller proportion of tax (4% less) and low and middle income earners will pay a larger proportion of tax.
by Richard Denniss
[Originally published on Guardian Australia, 17 April 2019]
When a magician says you must look carefully at the cards that they’re shuffling, they don’t want you to see what their assistant is doing. And when a politician tells you to focus on one key economic issue, it’s a sure thing they don’t want you looking at the bigger picture.
New analysis from the Australia Institute shows the gender distribution from the Government’s plan, announced in the Federal Budget, to flatten the income tax scales is skewed against women.
When the tax cut is fully implemented, for every dollar of benefit that goes to women, two dollars goes to men.
Figure 1. Gender Distribution of Income Tax Cut when fully implemented
The tax cuts announced in the budget will make Australia’s income tax system less progressive, hand billions to high income earners and for every dollar in tax cuts to females, males will get two dollars
by Richard Denniss
[Originally published on The Guardian Australia, 03 April 2019]
Riddle me this: if “free market” politicians think that the role of governments is to get out of the way, then what do they do all day while “managing the economy”?
Australia Institute research shows that the Marshall Government should heed the call of the South Australian Council of Social Services and delay the introduction of their tax cut for property investors.
“With the state facing a growing revenue shortfall, which puts the funding of public services like health and education under strain, the tax cut for wealthy property investors should either be delayed or dropped altogether,” said Noah Schultz-Byard, SA projects manager at The Australia Institute.
New research from The Australia Institute shows by 2024-25 when the income tax cuts are fully implemented, the benefits will overwhelmingly go to high-income earners.
The Australia Institute has today issued a report modelling the distributionary effect of the accelerated income tax cuts, which reveals 54% of the tax cut benefits goes to the top 20% of income earners, while the bottom 20% receive a mere 3% of the benefit.
· 34% of the benefit goes to the top 10 per cent of taxpayers, and more than half (54%) goes to the top 20 per cent. Only three per cent of the benefit go to the bottom 20 per cent.