Government relying more on income tax as GST, company take declines

Parliamentary Budget Office analysis released yesterday warns that in the absence of cuts to government spending, the dependence on personal income tax is set to increase. “There is a likelihood taxes on consumption will continue to trend downwards, taxes on capital will be flat or trend downwards and an increasing proportion of labour income will be taxed concessionally through the superannuation system,” the PBO report says.

Read the full article at The Australian.