It’s tax season. That’s why Canadians must pay close attention to the possibility of going from the tax avoidance realm into tax evasion when preparing their tax returns or hiring an accountant to do so.
It was a busy week in politics, with the federal government passing its income tax package, more squabbling over the ABC, and all parties gearing up for the July 28 byelections.
The Senate on Thursday is set to pass intact the government’s $144 billion three-stage income tax package - but whether the plan is fully delivered will depend on who wins the election.
The income tax cuts in the 2018 federal budget are likely to be modestly regressive, giving high earners a lower share of the overall tax burden. But by 2028 income tax will be higher across the board.
The Greens plan would bring in “a Buffett rule” to ensure higher income earners paid their fair share of tax by limiting deductions made by those earning more than $300,000.
The government is pinning its hopes on making this election all about tax – casting itself as champion of lower tax and Labor as signed up to what Morrison dubs the “high tax club”.
Congress changed the tax system to benefit companies with overseas operations but failed to help Americans actually living abroad, who still face punitive taxation.
On Q&A, Australian Chamber of Commerce and Industry chief executive James Pearson said almost 60% of small business owners in Australia are paid $50,000 or less. Is that right?
Christian Porter said Australia’s welfare system ‘was costing over 100% of all income tax raised’ under Labor after the GFC, and that it’s ‘around 80%’ under the Coalition. Is that true?