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(From Canberra Times)
Australians will share in $21.7billion of tax cuts over the next four years, with the top threshold almost doubling to $125,000 in about a year.
Yesterday's Budget revealed the lowest tax rate of 17 per cent will be cut to 15 per cent, meaning $312 a year - or $6 a week - more in the pockets of those earning $25,000 to $55,000.
Treasurer Peter Costello will also increase the top 47 per cent threshold from $70,000 to $95,000 from July 1, 2005, instead of the $80,000 level announced in last year's Budget. It will rise again to $125,000 from July 1, 2006, meaning only 3 per cent of taxpayers will pay the top rate.