Change income tax to introduce more income brackets

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Petition Action

Change income tax to introduce more income brackets

Petition Details

Review and adjust the current income tax bracket structure to introduce additional income levels that more accurately reflect the modern income distribution. We currently have 3 tax brackets – we believe the variance in range at each level means that it is not fit for purpose.

Additional Information

The current system was designed decades ago, based on historical income data and economic structures that have since evolved. Over time, income inequality and wage growth have changed, but the tax brackets have not. We believe this means we have low to medium earners being over taxed and high earners being under taxed.
Tax % Earnings threshold as follows:
5% 14,000.00
10% 20,000.00
15% 30,000.00
20% 45,000.00
25% 60,000.00
30% 75,000.00
35% 85,000.00
40% 130,000.00
45% 200,000.00
50% 300,000.00

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