Summary
Amends the: Income Tax Rates Act 1986 to increase the threshold for the 30 per cent marginal tax rate (from 1 July 2008) and phase-in a decrease to the 40 per cent marginal tax rate commencing 1 July 2009; Income Tax Assessment Act 1936 to increase the maximum amount of low income tax offset; and Medicare Levy Act 1986 to increase the income threshold that applies to taxpayers who are eligible for the senior Australians tax offset.