Prime Minister John Howard and Treasurer Peter Costello announced the Coalition's new tax policy at a joint press conference broadcast live on Sky News.
If reelected, Costello said the Coalition would raise the tax free threshold from its current level of $11,000 to $16,000 within three years.
In five years, the threshold is expected to rise to $20,000 and the top tax rate would be reduced to 43 cents in the dollar.
The initial cuts would cost $34 billion over three years.
Click on the video tab above to see the presser.
Read Christian Kerr’s take on the announcement here.
Spin consultant Ian Smith weighs in here.
See what Australia's cabbies think of the policy here.
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