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Family Tax Policy
Joint income tax filing allows a couple with at least one dependent child to add their income together, then split the total between them. This will encourage parents to look after their own children, and reduce the cost to the Government of childcare, especially pre-school. It will also encourage home schooling.
Example A.
If we have a couple with children and one person earns $120,000 and the other nothing then the family under income tax splitting would be $9533/yr better off because income tax on $120,000 is $29,467 but income tax on two incomes of $60,000 is $19,934
Example B.
If we have a couple where one person earns $120,000 and the other $30,000 then jointly they pay $31,709 without income tax splitting.
If the same couple each have an income of $75,000 then they will only save only $2022 a year.
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