The Greens are urging Labor to oppose the Turnbull government's personal income tax cuts after a year-by-year analysis by the independent Parliamentary Budget Office suggested they will "turbocharge" inequality.
Labor has been pressing Treasurer Scott Morrison to provide a year-by-year breakdown of the seven-year plan since the May budget without success.
The whole package will cost $144 billion over the next decade.
The tax cuts come in three stages with final component in 2024 increasing the 45 per cent marginal tax rate from $180,001 to $200,001.
It will also remove the 37 per cent marginal tax rate altogether so that all income from $41,001 to $200,000 is taxed at a rate of of 32.5 per cent.
The PBO calculated the cost to the budget will be $6.25 billion in 2024/25, then rise by around $1 billion a year totalling $41.6 billion over five years.
Greens Leader Richard Di Natale said almost 70 per cent of the entire benefits of the final year flow to people earning over $90,000.
"Instead of voting through Turnbull's tax cuts package that will hand back thousands of dollars to executives and politicians and make economic inequality worse, Bill Shorten and the Labor Party should join the Greens in ruling out supporting the entire income tax cut package," Senator Di Natale said in a statement.
His treasury spokesman senator Peter Whish-Wilson said the Greens want essential services, not tax cuts.
"This tax cuts arms race must end."
PERSONAL TAX CUTS - YEAR BY YEAR
2018/19 $360 million
2019/20 $4.12 billion
2020/21 $4.42 billion
2021/22 $4.5 billion
2022/23 $13.4 billion
2023/24 $11.15 billion
2024/25 $17.85 billion
2025/26 $19.55 billion
2026/27 $21.1 billion
2027/28 $22.9 billion
2028/29 $24.6 billion
Total: $143.95 billion
(Source: Parliamentary Budget Office.)
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