SUBMISSION: Tax Laws Amendment Bill 2014
The Australia Institute made a submission to the Senate Economics Legislation Committee on the Tax Laws Amendment (Temporary Budget Repair Levy) Bill 2014 and related bills.
This levy has the effect of increasing the marginal tax rate from 45 to 47 per cent on incomes over $180,000. Inclusive of the Medicare Levy and the DisabilityCare Australia levy the marginal rate increases from 47 to 49 per cent. According to the explanatory memorandum and the budget papers the measure will raise $3.1 billion over the years it applies; 2014-15 to 2016-17.