Day 1 & the bribes ... er ... promises have started!
We're all gonna be rich! 
Just imagine what he'll be promising by week 6 if the polls don't pick up soon! :wink: :
Coalition tables tax cut promises
Posted 6 hours 15 minutes ago
Updated 4 hours 29 minutes ago
Prime Minister John Howard has unveiled the Coalition's first big campaign pledge with a series of income tax cuts totalling $34 billion over three years.
Mr Howard has released the plan alongside his Treasurer Peter Costello who also outlined a future budget and fiscal policy for the country.
Mr Costello says the goal is for 98 per cent of taxpayers to face a marginal tax rate of 35 per cent or less.
They say that by 2010, the proposals would mean a tax cut of about $50 a week for a family where one parent is on average weekly earnings and the other is doing part-time work.
Mr Howard says he believes the most significant part of the plan is its impact on families.
He says as part of the reforms, 65 per cent of women who return to part-time work after having children will be on a tax rate of 15 per cent or less by 2010.
He says the tax cuts are affordable.
"This plan is all about further building and growing the Australian economy, it's about creating more not less jobs," he said.
"Unlike Labor's anti-small business industrial relations system it will lead to more people entering the workforce."
Threshold changes
Treasurer Peter Costello detailed plans to raise the tax-free threshold over the next three years, from $11,000 to $16,000.
The Coalition's five-year goal is for the tax-free threshold to be raised to $20,000.
Mr Costello also says over the next three years, the top tax rate of 45 cents in the dollar will be lowered to 42 cents and the second top tax rate to 37 cents in the dollar from 40 cents.
The Coalition says if re-elected they would cut tax for the next three years and from July 2010 people would be effectively tax free if they earn less than $16,000 and people would start paying 30 cents in the dollar on 37,000 a year.
The second highest tax rate would be 37 cents in the dollar and it would cut in at earnings of $80,000 a year.
The top tax rate would be 42 cents in the dollar and apply to people on 180,000 a year.
Mr Costello says the goal is for 98 per cent of taxpayers to face a marginal tax rate of 35 per cent or less.
"The reason we are doing this is to encourage more people to enter the workforce," he said.
He says the changes will hopefully see an additional 65,000 people in the workforce.
Mr Costello says the the Budget will remain in surplus by 1 per cent of GDP after the tax cuts.
Campaign
The announcement has been widely recognised as an unusual tactic, as major policy is not usually revealed the first day of the election campaign.
Mr Howard says the tax cuts come at a great cost to the Government but argues it would be good for the economy and do more to help struggling families than Labor's plans.
"We've heard a lot from Mr Rudd about cost of living pressures. We've been promised inquiries and we've had stunts and we've had shopping centre visits," he said.
"But rather than try and fiddle with a committee on prices isn't it better to give people additional purchasing power via a tax cut."
Labor leader Kevin Rudd has not given any indication of when the Opposition will be unveiling details of its tax policy.
"Well I note that in 1996 when Mr Howard was running for election that Mr Howard released his approach to tax three to four weeks into the campaign, can I say on tax we've already got several elements of policy out there," Mr Rudd said.
http://www.abc.com.au/news/stories/2007/10/15/2059904.htm
