Hands up all those people who pay 50% of their wages in income tax. This morning in a radio interview, Treasurer Joe Hockey said this: “I want to give families a bit of a break with cost of living and that’s certainly Tony Abbott’s very strong view. We should put more money into the pockets of Australians. It’s their money. When Australians spend the first six months of the year working for the government with tax rates nearly 50 cents in the dollar, it’s a disincentive.” “You’re working July, August, September, October, November, December just for the government and then you start working for yourself and your own household income after that for another six months, it is a disincentive, so we’ve got to bear that in mind. We’ve got to bear in mind that bracket creep is going to take middle-income Australians into the second-highest tax bracket over the next few years, which is a disincentive for people to work. Im not an accountant, but I can confidently predict that not one person in this country pays 50% income tax. Not one. But lets not let the facts get in the way of a good story, hmmm?
Posted on: Mon, 19 Jan 2015 01:21:50 +0000
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