Cost of Australia’s Tax Cuts to Increase by $11 Billion

[Epoch-Times-Bot]

Cost of Australia's Tax Cuts to Increase by $11 Billion

Australian Treasurer Jim Chalmers has said that the cost of the stage three tax cuts could reach over $250 billion (US$158 billion) as the government is trying to strike a balance in the federal budget.
According to new estimates, the tax cuts would reduce the government’s tax revenue by $254 over a ten-year period, an increase of $11 billion compared to the previous forecast by the budget office.
The treasurer said that the federal budget would not include any new item when it was handed down on Oct. 25, which suggested that the government had already legislated the tax cuts.
Pressures to Scrap the Tax Cuts
As the budget release is approaching, the Labor government has faced pressures to scrap the stage three tax cuts, which it had promised to keep at the election....

Source: Cost of Australia's Tax Cuts to Increase by $11 Billion

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