Woohoo - that's my vote all sealed up!!

Australia's top income tax rate would fall from 45 to 40 cents under a five-year tax-cut plan announced today by the federal Treasurer, Peter Costello. Under the plan, the top tax rate of 45 per cent on income above $180,000 would be cut to 43 per cent on July 1, 2009, and then to 42 per cent on July 1, 2010. Mr Costello said he wanted it to eventually fall to 40 per cent by 2012.
The 30 per cent tax rate which applies for income between $30,000 and $75,000 would have its thresholds changed to $34,000 in 2009 and $37,000 by 2010. Mr Costello said the 40 per cent tax rate on income between $75,000 and $180,000 would fall to 38 per cent in 2009 and 37 per cent in 2010. He said the low-income tax-free threshold would rise from $11,000 to $16,000. SMH.

Come election day, just give me that how-to-vote piece of paper and let's get it over with. From what I heard on the news, Kevin Rudd said he'll announce their tax policy later in the campaign, I ain't holding my breath. Have I mentioned I like tax cuts?

Update - Just heard on the news that Labor is supportive of these tax cuts, however they will not be releasing their tax policy early, because it's quite important, so they won't be rushed into anything. Good grief, it's been how many months now, just imagine how long it would take if we told them to take their time. I wonder how Mr. Rudd is going to spin that the Howard - Costello team have no vision for the future on tax, when they've just released a bit of their five-year plan.

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