Australians don’t support high taxes

Following successive election losses, Labour has done a complete 180-degree flip on tax. They now support tax cuts for individuals earning up to $200,000 and have thrown their proposal to eradicate negative gearing out of the window.

Labour has learnt the hard way that when push comes to shove, Australians will not sacrifice standard of living for ideology.

They have found the perfect excuse to backflip on their policies – COVID-19.

“Labour is providing certainty and clarity to Australian working families after a difficult two years for our country and the world,” says party leader Anthony Albanese.

In addition, Labour is going back on their promise to halve the 50 per cent capital gains tax deduction.

A high tax bracket for individuals earning under $200,000 penalises families with one income earner and one stay at home parent.

For example, a couple can earn $80,000 dollars each and be in a lower tax bracket than a couple who have two children with one parent earning $180,000 and the other staying at home with the children.

Both couples earn the same, but the family who have children to care for are taxed more.

This sort of tax policy sends a message to stay at home parents that their work is inconsequential and not work at all.

Telling a population that you are going reduce the amount of money they take home each week to pay their bills and put food on the table is never a popular rhetoric. Neither is promising to penalise retirees for their investment strategies.

Looks like labour may have learnt their lesson this time!