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Howard's Tax Cuts Fail the Fairness Test! |
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Thursday, 18 October 2007 |
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Page 5 of 11 Fairfax has just released their income tax calculator so you can see what Howard's tax cuts would mean for your income.
Some very interesting numbers come out of this.
$40k pa: Save $20.19/wk by 2010/2011
$75k pa: Save $20.19/wk by 2010/2011
$100k pa: Save $41.35/wk by 2010/2011
$150k pa: Save $70.19/wk by 2010/2011
$200k pa: Save $127.88/wk by 2010/2011
Jesus.
Looking at these numbers further - if this election calculator is right, then the tax cuts are truly terrible, no matter what way you look at them.
From an economist's perspective, if the tax cuts deliver the same cut as a proportion of income to the individual for varying pay scales then they are 'fair'. I would disagree with this view as lower income earners are doing it tough. However, just run with me on this. If we use the economist's definition, then these cuts are NOT fair.
Consider this:
If you earn $200k pa, then you are earning $2,507.69 per week in the 2007/2008 financial year.
According to this calculator, by 2010/2011 you will be earning $2,635.58 per week.
That's $127.88 more per week.
As a percentage of your income that's a 5.1% pay-rise.
Now, let's look at a lower income earner:
Say you earn $50kpa, then you are earning $776.92 per week in the 2007/2008 financial year.
According to this calculator, by 2010/2011 you will be earning $797.12 per week.
That's $20.19 more per week
By percentage of your income that's only 2.5%!
The disparity is obvious! From an economist's point of view this is NOT fair. Not only do these cuts favour the whole in dollar value, but - most importantly -
They favour the wealthy as a proportion of income!
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Last Updated ( Thursday, 18 October 2007 )
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