Cabinet approves new tax cuts for workers on less than $150,000 in stage-three revamp

Taxpayers earning under $150,000 would be better off under a plan to retain the 37% tax bracket, unwinding the Morrison government’s stage-three tax cuts due to come into effect this year

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All taxpayers earning less than $150,000 will benefit from the Albanese government’s plan to reduce tax cuts for high-income earners, including workers earning less than $45,000 who were slated to miss out on stage-three cuts.

Guardian Australia has confirmed that on Tuesday cabinet approved a plan to retain the 37% tax rate, unwinding the most controversial element of the Morrison government stage-three tax cuts passed in mid-2019 with support (under protest) from Labor.

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