The Economy, Stupid
How do people plan to use extra money from Stage III tax cuts?
Jul 4, 2024
Explore how people plan to use extra money from Stage III tax cuts and the benefits of cutting tariffs on imports with guests Kristen Sobeck, Matthew Bowen, and Alex Robson. From tax bracket adjustments to savings and investments, the podcast uncovers the impact and implications of these financial changes.
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Quick takeaways
- Stage III tax cuts benefit all taxpayers with rate decreases across different income brackets.
- Consumers plan to save the extra money from tax cuts, with intentions varying from paying off mortgages to investing.
Deep dives
Details of the Stage 3 Tax Cuts
The Stage 3 tax cuts involve changes in tax rates and thresholds. The tax-free threshold remains at $18,200 while the rate between $18,201 and $45,000 decreases from 19 to 16 cents. Additionally, the rate for bracket $45,001 to $120,000 will decrease to 30 cents and the threshold for this bracket expands to $135,000 in the new financial year. This affects the following brackets and leads to a tax decline of around $2,000 for individuals with an average yearly income of $98,217.
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