The coming Oz election thread ...

The Federal Opposition says its long-awaited tax and family policies will reduce financial pressure on low and middle income earners.

In a $3.5 billion tax and family policy unveiled today, Labor leader Mark Latham has pledged to lift the top tax rate from $80,000 a year to $85,000, and it has guaranteed the tax cuts for middle income earners delivered in this year's budget.

Labor is promising a tax cut of $8 a week for Australians earning less than $52,000 a year.

As well, Labor is planning an overhaul of family support to combine family tax benefits A and B into a new single payment which will not begin to disappear until families are earning at least $50,000 a year.

Mr Latham says Labor's tax policy has been designed to meet the needs of "middle Australia".

"The great backbone of our nation, middle Australia, the taxpayers and families on $25,000 to $85,000 a year, they've all been saying 'ease the squeeze, take financial pressure off Australian taxpayers, take financial pressure off Australian families'," he said.

Mr Latham says nine out of every 10 families will be better off through Labor's new policies.

"This puts dollars into the pockets of families," he said.

"It also increases work incentives, bringing down effective marginal tax rates, plus it fixes the family debt trap.

"Under Labor it won't be possible to have a debt on family incomes of less than $50,000 a year.

"We've all been hearing the complaints from families about debts, about the debt crisis. Under Labor it won't be possible to have a family payment debt on less than $50,000 a year."
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The Australian Chamber of Commerce and Industry says it is concerned the benefits of Labor's tax policy will be cancelled by other promises made in the party's industrial relations policy.

Chief executive Peter Hendy says he welcomes the tax cuts being offered by the ALP, but thinks employers will be at a disadvantage.

"There are proposals to cut superannuation tax contributions, that's welcome, however that's worth $680 million dollars, but they're increasing the burden on super elsewhere by something like $1.9 billion, and that's not a good thing with an ageing population."

The Australian Council of Social Service has welcomed Labor's moves to recognise jobless families, and create tax relief for lower income households.

But president Andrew McCallum says the policy disadvantages families with three children who earn less than $30,000 a year.

The president of the Taxation Institute of Australia, Neil Earle, says the changes to the family tax benefit and the working tax bonus are welcome, but he had hoped for a more wide-ranging policy.

"Those two things from an individual point of view are very good, but I don't think they represent in any way a significant tax policy," he said.

"They are numbers, adjustment of numbers, within the current structure of the system.

"We at the Tax Institute would like to see some more fundamental reform of the complexity and compliance costs."

The national director of Taxpayers Australia, Peter McDonald, has welcomed the measures in Labor's tax package, but says more reform is needed, particularly in the area of bracket creep.

"Even though in this instance there's going to be a tax cut, it certainly will not take long before its completely clawed back," he said.

"Our marginal tax rates are still very, very high by international standards and still apply at very, very low income levels, again by international standards.

"We really would've liked to have seen that tackled but that would've taken a very, very brave Opposition or Government, and we don't seem to have that in this election."

The ACTU has praised Labor's tax and family policy.

ACTU president Sharan Burrow says the plan will help those families which need it most.

"This puts Labor in the starting gates for a fantastic campaign," she said.

"They've shown that they're prepared to bring their economic head and their social heart into balance, and this is a package for working Australia, particularly for working families, and one for jobs that we can applaud."

Thok, how amazing! Labor's tax policy delivered via Vienna!

He really said that.

I apologize (not really, but I'll say that) for intruding. I'll try to stay out.
I enjoy reading yalls comments. -realjohnboy-