Federal Treasurer Joe Hockey announced today that he will be embarking on a mission to cut income tax for all Australians.
Treasurer Hockey stated that “Our existing taxation system is increasingly reducing the incentive for many Australians to work harder, earn more, invest and, in the end, give our families greater financial security.”
Though there is not yet a plan in place as to how the Treasurer seeks to implement these cuts it has certainly captured the attention of today’s media cycle.
Australia’s tax system clearly needs reform, and I look forward to hearing more from the Treasurer on this issue.
Food for thought.