Sarahnkwok's List: Carbon Tax

• flat charge of $23 per tonne of emissions will be levied on the top polluters
• 2015, the tax will be replaced with a market-driven system, referred to as an Emissions Trading Scheme
• nation's top 500 polluters
• exclude fuel from the scheme
• July 1, 2012

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• excludes petrol and is not revenue neutral as first forecast. It will cost the budget $4.2 billion over four years and will erode the forecast $3.5 billion return to surplus in 2012-13 by $530 million
• nation's top 500 polluters passing on their costs of having to pay for the carbon dioxide they emit
• Electricity will rise by $3.30 a week, gas by $1.50 a week and food bills by an average 0.80c a week.
• tax cuts, worth $8 billion
• The tax cuts will operate by lifting the tax-free threshold from $600 to $18,200 on July 1, 2012, and to $19,400 in 2015.

• This will remove 1 million people from the tax system and be worth $600 a year from somebody on $20,000, and $303 for somebody on $65,000.

    
• On incomes over $80,000 the tax cuts disappears to $3 a year, or 6c a week.

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