The Latest Breaking News from Tax Cuts

The big question prior to Treasurer Jim Chalmers delivering the Albanese government’s first budget on October 26 has been whether it will seek to modify the “stage 3” tax cuts legislated by the Morrison government, with Labor’s support.

During a tour of Australia, Justin Welby expressed his concerns about tax cuts for the very wealthiest.

U-turns have filled less than half the £62bn ‘black hole’ created by Kwasi Kwarteng

City comment: Rather than hurrying to make announcements, the PM should have spent more time reassuring markets her policies were credible

PM makes second climbdown and sacks chancellor after package of unfunded tax cuts sent the pound tumbling

In a move to calm financial markets and her own Conservative Party, Prime Minister Liz Truss canceled planned tax cuts for corporations and replaced Kwasi Kwarteng as treasury head with Jeremy Hunt.

While Stage 3 tax cuts are good for the top four percent of income earners, they literally give nothing for those earning below $45,000.

Britain’s Treasury chief is dashing back to London for urgent talks with Prime Minister Liz Truss amid growing expectations that they will scale back unfunded tax cuts to calm financial markets and quell a burgeoning revolt by members of their own party

Liz Truss has U-turned on her policy to block a planned rise in the rate of corporation tax. Speaking at a press conference in Downing Street, the PM said: “Parts of our mini budget went further and faster than markets were expecting...we will do whatever is necessary to ensure debt…