A recent Finder survey unveils a significant discontent among Millennials, with 80% believing they pay too much tax, sparking discussions on social media. One Nation Leader Pauline Hanson advocates for an overhaul of Australia’s tax system in response to growing dissatisfaction.
The harsh reality of tax deductions hitting paychecks resonates strongly with Millennials, as an extensive Finder survey discloses that 80% of this generation feels the weight of excessive taxation. Calls for a tax system overhaul by One Nation Leader Pauline Hanson echo the sentiments of discontented young Australians.
Upon receiving their initial pay slips after entering the workforce, most individuals adapt to the tax deductions. However, Millennials, born between the early 1980s and mid-1990s, continue to voice their dissatisfaction, according to the survey of over 1000 workers.
The findings reveal a broader sentiment, with nearly two-thirds of Australians, equivalent to almost 13 million people, expressing the belief that they pay an excessive amount of tax. Gen Xers and Gen Zers follow closely, with 72% and 63% respectively, while Baby Boomers are the least likely to agree, with only 39% feeling they contribute more than their fair share.
Sarah Megginson, a personal finance expert at Finder, attributes this dissatisfaction to the ongoing cost of living crisis, pushing many households to their financial limits. Social media platforms witness young Australians openly sharing their frustrations about the taxation system.
The discontent, however, might find some relief with the implementation of Stage 3 tax cuts from July 1. Prime Minister Anthony Albanese’s revised package aims to ease financial burdens, with Australians earning between $45,000 and $135,000 per year set to receive an additional tax cut of $804.
Ms. Megginson suggests that households facing financial stress can utilize this extra amount wisely, either setting it aside for unforeseen expenses or directing it toward debt repayment, providing a much-needed financial respite.
