Millions of Australians to face higher tax brackets

Taxpayers could be hit with an extra $32.5 billion in tax in the next decade, unless the federal government make changes to personal income tax brackets, according to a new report.

Research commissioned by The Australian and conducted by the University of Canberra found if there are no changes to the personal income tax brackets, the number of people paying the top tax rate would increase by 134% in the next 10 years to just under 900,000 people.

The number of Australians paying the second highest rate, 37 cents for the dollar, would jump by 85% to 3.7 million.

This article first appeared on SmartCompany.