Conservative Party leader Cory Bernardi is urging Labor to support the Coalition government’s tax reform package in full.
Stage one, from July 1, 2018, the Government gave a tax cut of up to $135 per year to about three million people by increasing the top threshold of the 32.5 per cent tax bracket from $87,000 to $90,000.
Stage two, beginning in 2022, would increase the upper threshold of the 32.5 per cent tax bracket to $120,000 from $90,000.
Stage three, starting in 2024, would reduce the 32.5 per cent rate to 30 per cent, meaning all taxpayers earning under $200,000 would only pay 30 cents in the dollar.
The tax reforms will strengthen the economy and Senator Bernardi has told Paul Murray Live on Sky News, if Labor passes the $158 billion package in full, it will be a way of restoring some much-needed credibility to an already battle-scarred ALP.
