The cost of Labor\u2019s Stage 3 tax cuts, withheld from media on Budget night, amounts to a Budget black hole of $313 billion over the decade, according to Greens-commissioned analysis by the Parliamentary Budget Office. This is a massive 23% increase on previous estimates.<\/p>\n\n\n\n
The Stage 3 tax cuts will continue to turbocharge inequality, disproportionately rewarding men at close to double what women receive, with 65% of the benefits flowing to men over the next decade.<\/p>\n\n\n\n
$157 billion, just over half of the total cost of stage 3 tax cuts over the decade, will flow to people earning over $180,000 a year. In the latest year of data, only 3.6% of people earned over $180,000 a year. Previous analysis has shown that the top 1% of earners will receive more than the lowest 60% of income earners combined.<\/p>\n\n\n\n
Greens Leader Adam Bandt MP said:<\/strong><\/p>\n\n\n\n \u201cLabor\u2019s tax cuts for the rich are ripping money away from everyone else,\u201d Mr Bandt said. <\/p>\n\n\n\n \u201cLabor\u2019s keeping renters in crisis and people in poverty while giving $313 billion in tax cuts to the wealthy. <\/p>\n\n\n\n \u201cInstead of freezing rents or getting dental into Medicare, Labor\u2019s giving tax cuts to politicians and billionaires.<\/p>\n\n\n\n \u201cLabor\u2019s Stage 3 tax cuts for the wealthy are a massive black hole, sucking in money that should be spent on services for everyone.<\/p>\n\n\n\n \u201cLabor\u2019s Stage 3 tax cuts are a $313 billion handout to the rich, dismantling our progressive tax system and driving Australia towards US-style inequality.<\/p>\n\n\n\n \u201cFood bank queues are growing and people can\u2019t pay the rent, but Labor\u2019s giving billionaires like Clive Palmer a $9,000 a year tax cut.<\/p>\n\n\n\n \u201cLabor\u2019s $30b a year in handouts for the rich is more than 60 times their affordable housing spend. How can Labor spend over $30b a year on tax cuts for the wealthy, but not $5b a year for public housing as the Greens want?\u201d<\/p>\n\n\n\n Greens spokesperson for Economic Justice, Nick McKim said:<\/strong><\/p>\n\n\n\n \u201cLabor\u2019s stage 3 tax cuts are a body blow to Australia\u2019s progressive income tax system,\u201d Senator McKim said. <\/p>\n\n\n\n \u201cIt is unconscionable that a PM who got elected on a story of growing up in public housing would so cynically pull the ladder up behind him.<\/p>\n\n\n\n \u201cThe idea of giving $313 billion in tax cuts to the wealthy instead of freezing rents, lifting Centrelink above the poverty line and building public and affordable housing is beyond disgraceful.<\/p>\n\n\n\n \u201cIn Australia the fastest growing cohort of people experiencing homelessness is now children under 11. Homelessness is now a real threat to any person or family that experiences a bit of bad luck.<\/p>\n\n\n\n \u201cMillions of people are stuck on poverty payments because the budget apparently can\u2019t afford to allow people to both eat and pay rent, and report after report shows there\u2019s not a single rental affordable to people on Jobseeker, while many workers are paying 60% of their income in rent.\u201c<\/p>\n","protected":false},"excerpt":{"rendered":" The cost of Labor\u2019s Stage 3 tax cuts, withheld from media on Budget night, amounts to a Budget black hole of $313 billion over the decade, according to Greens-commissioned analysis by the Parliamentary Budget Office. This is a massive 23% increase on previous estimates. The Stage 3 tax cuts will continue to turbocharge inequality, disproportionately … Continue reading “PBO ANALYSIS SHOWS LABOR\u2019S STAGE 3 TAX CUTS BLOWS OUT TO $313BN, REWARDING THE RICH AND RIPPING BILLIONS OUT OF SOCIAL SERVICES”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-21198","post","type-post","status-publish","format-standard","hentry","category-aussie"],"_links":{"self":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/21198","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=21198"}],"version-history":[{"count":1,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/21198\/revisions"}],"predecessor-version":[{"id":21199,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/21198\/revisions\/21199"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=21198"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=21198"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=21198"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}