64,000 Novocastrians will be up to $928 a year better off than they are now under Labor’s tax plan, according to opposition analysis of Tax Office data.
Federal Member for Newcastle Sharon Claydon said that everyone earning less than $125,000 a year would get a larger tax cut under a Shorten Labor Government.
“Under Labor’s tax relief plan, these Novocastrians will be $398 a year better off than they would be under the Liberals,” Ms Claydon said.
“This will give some much-needed relief from relentless cost-of-living hikes and chronic wage stagnation we’ve seen under this Government.”
Ms Claydon said that Labor’s tax plan was ‘fair and economically responsible’.
“Labor’s tax plan will cost far less than what the Government would spend, leaving room for greater investment in critical public services and increased budget repair.
“This is because Labor is targeting low and middle-income workers, whereas 60 per cent of the benefits of the Government’s plan will end up in the pockets of high-income earners.”
Ms Claydon said Labor had also identified billions of dollars in savings to support tax relief.
“Budgets are all about priorities. While the Government is spending $80 billion on tax cuts for big business and the banks, Labor has decided to do more to help working Australians,” Ms Claydon said.
“Labor has also done the hard work to rein in excessive tax concessions that cost the budget billions and largely benefit wealthy Australians.”
Ms Claydon said that in contrast to the Government’s plan, fairness was the key principle underpinning Labor’s tax decisions.
“Under Mr Turnbull’s tax plan, a retail worker earning $30,000 a year would get a tax cut of $200, while a lawyer on $200,000 would save a staggering $7,225,” Ms Claydon said.
“Under a Shorten Labor Government, the majority of Novcastrians will pay less tax. We will fund schools and hospitals properly. We’ll do more to pay off debt. And we won’t handover $80 billion to big business and the banks.”
Workers can learn how much better they’ll be under Labor using the tax calculator at www.biggerbettertaxcut.com.au