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The Latest Breaking News from Tax Cuts

OBR forecasts likely to show £60bn-£70bn hole after Kwarteng’s mini-budget

Predictions handed to chancellor expected to paint gloomy picture for UK economy amid sweeping tax cuts

The Guardian - UK

Michael Pascoe: Morrison heeded the Tooth Fairy when Treasury warned against tax cuts

In 2018, when Scott Morrison announced his tax-cut package, Treasury laid out in black and white the grounds for scrapping Stage Three

The New Daily

Anthony Albanese leaves open possibility of changes to stage-three tax cuts

Prime minister says government ‘hasn’t changed our position’ but does not rule out doing so in future

The Guardian - AU

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Morning mail: Zelenskiy appeals to Australia, 37 dead in Thailand attack, Annie Ernaux’s Nobel win

Friday: Ukraine’s president has urged world leaders not to give in to Russia’s ‘nuclear blackmail’. Plus: should Labor scrap the stage-three tax cuts?

The Guardian - AU

Grattan on Friday: Jim Chalmers plays the tease as he pushes to change Stage 3 tax cuts

When Scott Morrison was treasurer he flew the kite for an increase in the GST. The debate ran a while, before then prime minister Malcolm Turnbull shut it down. It was all too hard.

The Conversation

Households on every income to be worse off in three years after mini-budget, study claims

The freezes will take away £2 for every £1 given to households through tax cuts, the study suggests

Wales Online

Stage-three tax cuts in the spotlight as global gloom weighs on federal budget

Amid warnings global monetary tightening might give way to worse, Treasurer Jim Chalmers says the upcoming budget will not be immune.

The New Daily

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Moving on up? Just stop the pound going down, Liz

City Voices: Truss’ speech showed she didn’t understand the causes of stagnant economic growth or has a credible plan to solve them

Evening Standard

Labor attacked by former RBA governor Bernie Fraser for sticking to ‘dodgy’ stage-three tax cuts

Fraser says Albanese government should repeal stage three as the tax cuts are ‘even more unfair’ due to falling real wages

The Guardian - AU

Jim Chalmers has a unique chance to remake Australia – or to squander $243bn on the rich

Australia is one of the richest countries in the world but decades of tax cuts have trained us to feel poor

The Guardian - AU

IFS: Millions in Britain ‘face stealth tax raid’ under Liz Truss’s plans

For every £1 given workers by cutting tax rates £2 was being taken via freeze on income tax thresholds, thinktank calculates

The Guardian - UK

£2 taken from households in ‘stealthy’ freezes for every £1 in tax cuts – IFS

By 2025–26, freezes will take away £2 for every £1 given to households through the headline personal tax cuts, the Institute for Fiscal Studies said.

The Independent UK

Tax cut needed to ease mortgage pain: Libs

Tax cuts due to come into effect from mid-2024 have become a flashpoint for the upcoming budget as Australia faces economic headwinds.

AAP

Former ACCC boss Rod Sims calls for tax increases amid debate over stage 3 cuts

The former chair of the ACCC says taxes must rise if the federal government wants to deliver the essential services Australians demand.

ABC News

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The Guardian - AU

Liberal moderate Bridget Archer says Labor right to be questioning stage-three tax cuts

Archer tells Albanese government ‘it’s OK to change your mind’ as debate continues within ALP about future of Coalition tax package

The New Daily

Stage-three tax cuts: What makes them so controversial?

Stage three tax cuts will kick in during 2024 and on net it will benefit people who earn over $180,000, or the top 3.7 per cent.

France 24

Live: Truss tries to shake off disastrous start with Tory conference speech

British Prime Minister Liz Truss is set to address the Tory faithful at 12pm Paris time (GMT+2) on Wednesday, closing a tumultuous conference after her announcement of billions in unfunded tax cuts sent the pound plunging and prompted fears that the Conservatives are doomed to lose the next election. Watch…

The Guardian - AU

‘Differences of opinion’ within Labor over stage-three tax cuts amid worsening economic outlook

Assistant treasurer Stephen Jones says government ‘not walking away’ from previous policy but framing budget in ‘difficult’ circumstances

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AAP

Economy woes cloud tax cut ahead of budget

Pressure is mounting to change or scrap costly tax cuts baked in by the former government as Labor prepares to hand down its budget in less than three weeks.

The New Daily

Treasurer pleads caution on tax cuts as calls to ditch them grow louder

With deteriorating global economic conditions and no prospect of remission inflation, the Treasurer promised a “sustainable” budget.

Daily Mirror

Pound bounces back after Government's U-turn on tax cuts for the rich

The pound is beginning to rise again after it slumped due to Government plans to scrap income tax cuts for the very richest in society that panicked markets last week

Daily Mirror

Priti Patel says Tories will 'live and die' by economy and must 'regain' credibility

The former Home Secretary is expected to tell a conference meeting later that the Tories will "live or die" by its economic credibility - after nearly two weeks of chaos following the mini-budget and a screeching U-turn on tax cuts for the rich

The Conversation

Word from The Hill: Yet another rate rise, Stage 3 tax cuts, a repatriation mission, Higgins case

As well as her interviews with politicians and experts, Politics with Michelle Grattan includes “Word from The Hill”, where she discusses the news with members of The Conversation politics team.

Evening Standard

Watch: Kwarteng shrugs off ‘little turbulence’ after U-turn over tax cut for rich

Kwasi Kwarteng has sought to shrug off the chaos that triggered his astonishing U-turn on income tax cuts for the highest earners as a “little turbulence” as he battled to regain authority. The Chancellor remarked it had been a “tough” day as he told Conservative members in his set-piece conference…

Wales Online

Chancellor Kwasi Kwarteng makes second U-turn in two days as he promises to set out debt plan earlier than planned

Kwasi Kwarteng has made the change after markets reacted badly to his package of tax cuts

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