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http://www.theage.com.au/news/federalelection2007news/the-team-announces-tax-cuts/2007/10/15/1192300663972.html
Prime Minister John Howard and Treasurer Peter Costello have made their first election campaign outing as "The Team" with a dramatic announcement of tax cuts worth $34 billion over five years.
They chose the first day of the election campaign to release early the mid-year budget review and said the money to cover the cuts would come from significantly improved growth forecasts and employment growth.
The cuts would leave enough in the kitty for a healthy budget surplus, Mr Costello said.
He said the tax cuts would deliver a cut of around $20 per week to a person earning the average weekly wage July 1 next year. That would rise to around $35 per week from July 1, 2010.
For a family with the main breadwinner on average weekly earnings, and the second income earner in part-time work earning 40 per cent of average earnings, the tax cut would be around $30 a week rising to $50 a week in 2010.
From July 1 2008, the effective tax free threshold will rise from $11,000 to $14,000.
The 30 per cent threshold will increase from $30,001 to $34,001; and the 40 per cent threshold will increase to $80,001 and the 45 per cent threshold will increase to $180,001, as announced in the 2007-08 Budget.
From 1 July 2009 the effective tax free threshold for low income earners rises to 15,000 and the 30 per cent threshold to $35,001.
From 1 July 2010 the 30 per cent threshold will increase to $37,001.
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