Labor’s high-stakes tax dilemma

The Treasurer has signalled that he wants to break a pre-election promise and trim tax cuts for the rich. But such a move would be fraught with political risk.

John KehoeEconomics editor

Oct 7, 2022 – 3.43pm

Email LinkedIn Twitter Facebook

Subscribe to gift this article

Gift 5 articles to anyone you choose each month when you subscribe.

Subscribe now

Already a subscriber?

Jim Chalmers was 15 years old when his political idol Paul Keating broke an election promise and infamously abandoned the “L-A-W” income tax cuts after the 1993 election.

Now, as federal treasurer, Chalmers is on the verge of persuading Labor cabinet colleagues to pare back the stage three income tax cuts which predominantly benefit those earning more than $120,000 a year.

Email LinkedIn Twitter Facebook

Subscribe to gift this article

Gift 5 articles to anyone you choose each month when you subscribe.

Subscribe now

Already a subscriber?

License article

Introducing your Newsfeed

Follow the topics, people and companies that matter to you.

Find out more

John KehoeEconomics editorJohn Kehoe is economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump’s first election. He joined the Financial Review in 2008 from Treasury.