Australians to pay special flood tax

[Newsjock]

Source: CBC News

Australians will pay a special, one-time levy to help meet the $5.6-billion cost of paying for this summer's devastating floods, Prime Minister Julia Gillard has announced.

Anyone earning between $50,000 and $100,000 would pay 0.5 per cent on taxable income over $50,000, the prime minister said Wednesday. People earning more than $100,000 would pay an additional one per cent on taxable income over $100,000.

The government is struggling to help the country recover from record rains in November that left huge parts of the northeastern state of Queensland under water, killing 35 people, damaging or destroying 30,000 homes and businesses, and causing at least $3 billion in damage to crops and lost coal exports.

... Anyone earning less than $50,000 a year will be exempt, as will those receiving emergency flood assistance.

Read more: http://www.cbc.ca/world/story/2011/01/26/australia-floods.html