Hughes proposes tax exemption on annual income below $2m

As the government prepares to present the national budget on Friday, January 17, 2025, Nigel Hughes, leader of the Alliance For Change (AFC), has put forward a set of tax reforms aimed at improving disposable income for the general public while maintaining fiscal stability.

Hughes, at the party’s weekly press conference on Friday, recommended changes to the income tax structure that would directly affect individuals earning varying levels of income. On the micro level, the AFC leader suggested that anyone earning $2 million or less annually should be exempt from income tax. This move, according to Hughes, is aimed at increasing disposable income for lower-income earners, allowing them greater financial freedom to spend and invest.

For those in the mid-income bracket, between $2 million and $10 million, Hughes proposed a flat income tax rate of 15%. Finally, individuals earning more than $10 million a year would be subject to a higher rate of 20%.

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