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Thursday, February 22, 2024

Treasurer brushes off solutions damaged promise on tax cuts opens door to destructive gearing adjustments Categorical Instances

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The treasurer has dismissed solutions the federal government could scrap the controversial destructive gearing scheme after proving keen to interrupt its promise to not contact tax cuts on account of take impact in July.

The federal authorities final week introduced it might try to amend the stage 3 tax cuts to supply bigger tax cuts to decrease and middle-income earners by halving the profit the nation’s highest earners had been on account of obtain.

The choice broke a promise made earlier than the federal election to not contact the tax cuts — a difficulty the federal government was challenged on near-weekly in press conferences and conferences with enterprise, union and neighborhood teams.

Having confirmed keen to take the political threat of breaking that promise, the federal government has now confronted questions on whether or not it’s going to transfer towards different insurance policies deeply loathed inside some corners of Labor, however which the social gathering dedicated to retaining on the federal election.

Former Labor chief Invoice Shorten campaigned and misplaced on a promise to considerably wind again destructive gearing on the 2019 election, after which Labor formally dumped its plan to restrict the tax concession to new properties.

Fielding questions from the press gallery this morning, Treasurer Jim Chalmers repeated a line used many occasions to recommend the stage 3 tax cuts wouldn’t be modified: That is not one thing we have now thought-about or are contemplating.”

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