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‘Taxpayers are better off’, Labor vows to scrap income tax cuts

The Opposition has rejected the government’s plan to cut income tax.

Under the government’s plan, the first stage helps low to middle-income earners, then by 2024, the third-highest tax bracket would be abolished.

The Opposition is calling on the legislation to be split, so low to middle-income earners can get tax relief from next financial year.

But the government is refusing to make changes to its bill, with Prime Minister Malcolm Turnbull accusing the Opposition of abandoning workers.

Without Labor’s backing, the government needs eight crossbenchers to get the whole package passed.

Shadow Assistant Treasurer Andrew Leigh tells Ross Greenwood “taxpayers are better off under Labor’s plan”.

“I believe someone who’s fortunate enough to be in the top couple of per cent of income earners, that they ought to be playing not only a higher dollar amount of tax but a higher rate of tax than someone who’s struggling on the minimum wage.”

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