High income tax cut ‘risky’

Corangamite MP Libby Coker

By Luke Voogt

Federal Government’s new tax cuts are unfair and “risky” with “potentially serious economic and social consequences”, according to Corangamite MP Libby Coker.

The newly-elected Labor MP slammed cuts of $11,640 per year from 2025 onwards for people earning $200,000 or more.

Ms Coker earlier this month supported stages one and two of the Morrison Federal Government’s tax package, which recently passed the senate.

The first two stages will now see taxpayers earning between $48,000 and $90,000 receive a $1080 cut this financial year.

The two stages will also see a range of tax cuts from now until 2024.

The changes would help Corangamite’s hardworking “mostly lower and middle income” workers “who need it most”, Ms Coker said.

“Importantly they will most likely use the additional income and in doing so help to stimulate the floundering economy and consumer spending.”

But Labor argued to delay stage three of the cuts package, which will mostly benefit high income earners from 2025 onwards.

Ms Coker said government should have delayed confirming stage three until to 2024/2025.

But government “refused to even contemplate Labor’s common sense proposal”, she said.

Labor eventually voted for the entire package when its amendment to the bill failed.

Assistant Treasurer Michael Sukkar described Ms Coker as “completely out of touch with the aspirations of ordinary Australians” and continuing “to support Bill Shorten’s higher-taxing agenda”.

“Workers in Corangamite, including tradies, teachers and hospitality workers would be hundreds or even thousands of dollars worse off each year under Labor’s policies,” he said.

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