Explainer: what is the temporary deficit levy and why was it introduced?
- Written by The Conversation Contributor
The temporary deficit levy might be here to stay if Labor is elected. The tax, which targets the wealthy, was actually introduced by the Coalition in 2014 as a means of reducing the budget deficit.
The levy is a 2% increase in the top personal income tax rate from 45% to 47%, which amounts to 49% including the 2% Medicare Levy. It was originally...