Today's poll: Do we need a great big debt tax?
TREASURER Joe Hockey is set to bring in new taxes ranging in size from $800 to $8000 a year to tackle the nation's growing debt.
The new 'deficit levy', which is being strongly opposed by business group leaders, will target those on more than $80,000 a year, according to News Corp reports.
Taxpayers in the 37c tax bracket - on incomes of $80,000 to $180,000 - are likely to pay an extra one per cent in taxes a year.
Based on that formula, a taxpayer on $80,000 will pay an extra $800 a year - around $15 a week. Someone earning $150,000 will pay an extra $1500 a year ($29 a week).
Those on $200,000 will be hit with an extra $4000 a year or $77 a week.
A taxpayer earning $400,000 will pay $8000 extra tax, or $154 more a week.
The levy is expected to last four years.
Mr Hockey has put Australia's deficit at $123 billion, based on last year's Mid Year Economic and Fiscal Outlook.R
Read the full story here.
What do you think? Do we need the tax? Is the income level it starts at okay? Leave a comment and vote in our poll.
Is it okay to bring in a new tax to tackle the nation's debt?
This poll ended on 30 May 2014.
Yes. Those on higher incomes can afford it
No. The government should handle our money better
Yes. But only if the income level it starts at is increased
No. We pay enough taxes as it is
This is not a scientific poll. The results reflect only the opinions of those who chose to participate.