Bracket Creep and Tax Changes

budget: WHAT WILL BE THERE* A reduction in the overall tax burden.* Modest improvement in the budget bottom line.* "Sensible" tax changes to prevent bracket creep for people earning over $80,000.* Confirmation the budget repair levy on high-income earners will end on July 1, 2017.* $5 billion over four years for a subsidised public dental scheme.* $2.9 billion extra for public hospitals, stemming from COAG agreement.* $1.2 billion extra from 2018 for schools aimed at literacy and numeracy checks.* $230 million cyber security strategy.* $118 million over two years to support disabled children in schools.* $100 million domestic violence campaign.* $21 million in health care for chronic conditions.* Brought-forward upgrade of Adelaide-Tarcoola rail line.* New drugs on the Pharmaceutical Benefits Scheme.* Extra aged-care places, according to Nine News Australia. HINTED AT* Timetable for phased-in cut to the company tax rate of 30 per cent.* Paring back superannuation tax concessions for high-income earners by lowering the 30 per cent tax on concessional contributions to $180,000 from $300,000, while helping those on low incomes.* Further crackdown on welfare rorters.* Incentives for state governments to get private sector involved in road, rail and port projects, and unlock land for housing.* $1 billion for military role in Afghanistan, Iraq and Middle East, plus $1.4 billion in new defence spending.* Further crackdown on multinational tax dodgers. WHAT WON'T BE THERE* Changes to tax breaks for property investors, aka negative gearing.* Changes to the capital gains tax discount.* A rise in the rate of GST, or broadening its base. WHAT VOTERS WANT * Increased health and education funding.* Personal income tax cuts.* Reduced superannuation tax concessions for high earners.* Increased tax on cigarettes. WHAT THE ECONOMY IS DOING* Growing at its fastest pace in two years.* A benign inflation outlook has turned to deflation risking an interest rate cut; unemployment rate remains close to six per cent; wages growth at its slowest in almost two decades.* Iron ore prices touched $US70 per tonne in recent weeks compared to $US39 assumed in the mid-year budget review, a positive for national income.© AAP 2016Politics Send your photos, videos and stories to can remain anonymous. WHAT BUSINESS WANTS* The budget back in balance in five years.* A path to a cut in the company and personal income tax rates.* Infrastructure planning and skills training. (news.financializer.com). As reported in the news.