- by cnn
- 15 Aug 2024
Tax cuts planned to take effect in 2024-25 are highly regressive and would pay male beneficiaries twice as much as women, separate analyses by the Australia Institute, the Greens and the Australian Council of Social Service have found.
The so-called stage-three tax cuts will remove the 37 cents in the dollar tax bracket, lower the 32.5 cent bracket to 30 cents, and raise the top tax bracket to start at $200,000 compared with $180,000 now. All up, the cuts will cost about $184bn over the first decade, the groups said.
According to the Australia Institute's analysis of tax office data, someone earning $200,000 a year would receive $174 a week in tax relief, or 73 times the benefit of those earning $50,000 who would save just $2.40 a week.
Since men dominate the highest income tallies, with twice as many in the top bracket as women, they also end up grabbing the lion's share of the tax relief.
"This means that for every $1 of the tax cut that women get men get $2," the Australia Institute said.
"We can see those men in the top 10% of taxpayers get almost 40% of the tax cut," it said. "Women in the top 10% of taxpayers get only 15% of the tax cut because there are much fewer women in the top 10%."
The bottom 40% of taxpayers - a group in which women outnumber men - receive just 2% of the tax cut.
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