Posted: 19 October, 2016
Most Young Aussies Won’t Benefit From The Latest Round Of Tax Cuts
Young people could be the big losers when it comes to the latest government tax cuts.
The Australian federal parliament voted to spend $4 billion on income tax cuts for Australians earning over $80,000 a year, a change which would benefit 20% of all income earners.
According to Junkee, only 7% of people aged 18-29 will benefit from the tax cut. However nearly one in four employed Australians aged 50-65 will be eligible for the tax cut.
Tax data says that most 18-29 year olds earn less than $55,000 a year, which means they usually do not benefit from tax cuts given to high income earners.
The Greens also found that the cut will help 28% of male taxpayers, but just 13% of females will benefit.
"The bill will deliver an extra $315 a year to the top 20 per cent of earners, including some of the wealthiest people in the country," said Greens treasury spokesman Peter Whish-Wilson. "Many are well beyond the group most affected by bracket creep."