Don’t believe Albanese when he says he is giving low income earners a tax cut. ㅤ
He didn’t renew the Coalition’s Low and Middle Income Tax offset rebate worth up to $1,500 a year in Labor’s first budget and now he’s returning only half of it to low income earners. ㅤ
None of these tax cuts make up for the average increase in household expenditure of $8,800 due to Labor’s inflation and immigration.
Here is a chart of how much you are worse off according to your taxable income.
| Taxable Income | Coalition tax with LITO | Labor tax without LITO | Worse off under Labor |
|---|---|---|---|
|
$30,000 |
$1,567 |
$1,888 |
-$321 |
|
$40,000 |
$3,242 |
$3,488 |
-$246 |
|
$50,000 |
$5,092 |
$5,788 |
-$696 |
|
$60,000 |
$8,092 |
$8,788 |
-$696 |
|
$70,000 |
$11,092 |
$11,788 |
-$696 |
|
$80,000 |
$14,092 |
$14,788 |
-$696 |
|
$90,000 |
$17,092 |
$17,788 |
-$696 |
|
$100,000 |
$20,392 |
$20,788 |
-$396 |
|
$110,000 |
$23,692 |
-$23,788 |
-$96 |
|
$120,000 |
$26,992 |
$26,788 |
$204 |
|
$130,000 |
$30,592 |
$29,788 |
$804 |
|
$140,000 |
$33,592 |
$33,138 |
$454 |
|
$150,000 |
$36,592 |
$36,838 |
-$246 |
|
$160,000 |
$39,592 |
$40,538 |
-$946 |
|
$170,000 |
$42,592 |
$44,238 |
-$1,646 |
|
$180,000 |
$45,592 |
$47,938 |
-$2,346 |
|
$190,000 |
$48,592 |
$51,638 |
-$3,046 |
|
$200,000 |
$51,592 |
$56,138 |
-$4,546 |
