abc.net.au/news/uk-scraps-tax-cut/101497700The British government has dropped plans to cut income tax for top earners, part of a package of unfunded cuts that sparked turmoil on financial markets and sent the pound to record lows.Chancellor Kwasi Kwarteng says he will not now scrap the top 45 per cent rate of income tax paid on earnings above 150,000 pounds a year
Prime Minister Liz Truss has said she could have "done a better job laying the ground" for the September 23 announcements The backflip came after a growing number of politicians from the governing Conservative Party turned on government tax plans announced 10 days ago. Ms Truss took office less than a month ago, promising to radically reshape Britain's economy to end years of sluggish growth.
Ongawa, Ongawa
Now AlboMP needs to do the same. Whilst Labor didn't initiate this cash grab for the rich, supporting it will only increase disparity and unrest. We need a radical re-think / shake up of the tax system in Australia not tilted tinkering to suit the top-end of town.
The Albo government should do the same thing. Giving tax cuts to people earning more than 200K whilst lower income bears the weight of higher mortgages and living costs is like plunging a sword into a crippled and twist it with relish.
If only our current Govt would do the same backflip. Absolutely no justification of increasing wealth disparity to serve up tax cuts to the top bracket .With so many lower income families struggling ,our medical ,aged care, and education systems overloaded this is disgusting .
Perhaps our changes could be revised. Change the threshold would be a better option perhaps?
Must have gotten the memo about trickle down economics.........finally !
Unbelievable this policy was even conceived, so ill considered, so ridiculously implemented and then so soon realised by TRUSS that reverse was required. Staggered Truss was elected. Never impressed. Now fully convinced she’s ill equipped. How did this all happen! Boris beckons😆
Good decision, was always a braindead policy, now hopefully they haven't done irreversible damage to the pound
It appears rocky roads onwards for the brits.
Rw ABC glossing over what’s just happened.
Your move, AustralianLabor.
Tetrisnet
I think there should be an exam for these people who get high powered jobs, this is just another flaming bunch who have no flaming idea what the devil they are doing, mucking it up from day one. Amateurs, all of them.
The rich always win. they hate us.
Tories and liberals don't know how to govern. All they do is tax cuts for their rich donors. Labor needs to cancel the Morrison tax cuts for the good of Australia.
Amateurs
'We get it, and we have listened' Kwarteng says. Now if only AlboMP & JEChalmers can similarly use their ears, search their consciences & find their stones to do the same 🤨DontBeLiberalLite
Hopefully the AlboMP Liberal Govt we extended in May's election will see the blooming obvious & learn from the UK's high income tax cut backdown. JEChalmers you dont gift 240 billion in high income tax cuts when majority of Australians are struggling with cost of living crisis.