This is the amount of extra money you will get from Wednesday, if you are one of the 80% or so who do not get Working for Families.
As one can see the biggest proportional drops in income tax are those on the fulltime adult minimum wage of $25,000. Their tax bill will drop a huge 12.8%.
Those on the average wage of just under $50,000 will get a 9.1% drop in their tax.
Those on $100,000 only get a 4.4% reduction in their tax.
Anyone who was on the fulltime minimum wage (and not on WFF) will have their income increase by $1,043 and their tax drop by $301 (instead of increasing by $219) which means an increase in take home pay of $1,344 or an extra $25.77 a week.
And contrary to the cries from the left that the tax cuts favour the wealthy, in fact the total share of taxation paid by the those earning over $100,000 will actually grow slightly from 29.5% to 29.6% of personal income tax.Tags: tax cuts