Suspect you’re paying more tax? You are!

A taxpayer’s average marginal tax rate goes up as their income rises. (Image: Getty)

Thu, 10 Nov 2022

One very important projection in this year’s budget documents that has received very little media attention (when it really should have) is the significant growth in tax revenue projected over the forecast period out to 2026. Tax revenue is forecast to rise by $41 billion, from $97b in 2021 to $138b by 2026.That's a 42% increase.So, what is driving this herculean projection? After all, interest rates are rising and belt-tightening is expected, as consumers' discretionary spending is squeezed.And, did I mention that in line wi...

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