As inflation rages on, the Government is making money out of it through “Bracket Creep” – collecting more taxes.
I moved an amendment to a bill so that tax thresholds are indexed to inflation, meaning you won’t pay more tax because of inflation. Predictably, the major parties voted it down. They rely on squeezing more and more tax out of you and making money out of inflation.
This clip from the Centre for Independent Studies is a great explainer on how “Bracket Creep” works so that the Government benefits from inflation at your expense.
