Tax Alert: Millions of Australians to Face Historic Tax Hike as Albanese Government Announces Plans to Abolish Super-Sized Tax Offset

Tax Alert: Millions of Australians to Face Historic Tax Hike as Albanese Government Plans to Abolish Super-Sized Tax Offset; Middle-Income Earners to be $1500 Worse Off

In a move that could go down in history as one of the largest tax increases ever, the Albanese government has announced plans to abolish a super-sized tax offset that was introduced by the Morrison Government during the pandemic. The decision will impact millions of Australians, with middle-income earners set to be hit the hardest.

According to experts, middle-income earners can expect to be around $1500 worse off as a result of the government’s decision to abolish the tax offset. This news comes at a time when many Australians are already struggling to make ends meet, with the rising cost of living and economic uncertainty caused by the pandemic taking its toll on households and businesses across the country.

As the May Budget approaches, the Treasurer is facing mounting pressure to provide relief to Australians who are feeling the financial strain. Stay tuned for further updates on this developing story as more details emerge on how this historic tax hike will impact households and businesses across the nation.

Share on Facebook

Tweet