Australian Prime Minister John Howard is considering - if re-elected - a cut in the top rate of income tax should the budgetary circumstances permit, the nation's media has reported.
Whilst Mr Howard was keen not to get trapped into making rash pre-election tax promises during his National Press Club address, he nevertheless indicated a willingness to cut future rates of tax, remarking: “If there does arise the capacity in future Coalition Budgets to provide further relief then I would certainly want to do it."
The Prime Minister went on to observe: "We have done something towards ameliorating those punishing rates at the top level, I think we do have rates that are too high at that level and I think part of the entrepreneurial culture that we need to entrench is tied up with that."
Although Australia’s top rate of tax has remained at 47% since 1990, the National/Liberal coalition’s most recent budget made provision for an increase in the threshold at which the top rate becomes payable to A$70,000 from A$62,500 on July 1 this year, rising to A$80,000 on July 1 2005.
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