Stage 3 Tax Cut Revamp Passes Lower House

A revamp to stage three tax cuts for middle- and lower-income Australians has passed the House of Representatives with the support of the centre-right Coalition and the crossbench. Under the amended proposal, Australians making under $146,000 (US$95,000) will receive a bigger tax cut than under the previous legislation by the former coalition government. On the other hand, those making above this threshold will get less tax cut than they otherwise would have. Those earning less than $45,000 (US$29,000) previously wouldn’t be eligible to receive a tax cut but now will be able to under the change. Australians whose incomes fall between $44,000 and $135,000 will receive a 30 percent tax rate, and people whose incomes fall between $135,000 and $190,000 would taxed at a 37 percent rate. The 37 percent bracket was removed in the original plan....