Media

Reports today that the Liberal Party is planning to dramatically change Australia’s income tax system in favour of the well-off are a sign that the real Tony Abbott is finally emerging.
 
“If the Liberals win they will deliver a big tax cut to all the millionaires and billionaires that helped them get elected,” said ACTU Secretary Jeff Lawrence.

“We already know that Tony Abbott will give highly profitable mining companies a $10 billion tax cut over two years if he is elected.
 
“Now he wants to give Australia’s richest executives a big personal bonus as well.”
 
ACTU modelling of the Liberals’ flat tax proposal shows that more than six million workers on average incomes would pay more tax, while the highest income earners would get big tax cuts.

An average full time worker on $65,000 a year would pay $77 a year more in tax.
 
A middle income earner on $43,000 a year would pay $184 a year more in tax.
 
While a millionaire would get a tax cut of around $300 a week – or more than $15,000 a year.

Type of Work	Taxable Income	Tax cut or increase under Liberals’ proposal
Average Full Time Worker	$64,600	$77 a year tax increase
Median Worker	$43,300	$184 a year tax increase
Millionaire	$1,000,000	$15,300 a year tax cut