Barefoot Investor Scott Pape's brutal message to Australians complaining about Albo's 'broken promise' on Phase 3 tax cuts

Financial guru Scott Pape has thrown his support behind Anthony Albanese's Phase 3 tax cuts, replying to one of his newsletter readers who said: 'Labor lied'.

Pape, known as the Barefoot Investor, admitted the government had broken its promise to maintain the tax cuts originally passed by the coalition, but said there was a very good reason for it.

“Because he fears he will be blamed for the cost of living crisis,” Pape wrote, and that taxes are the “price we pay for living in the greatest country in the world.”

Reader Chris complained that he is “sick and tired of this do-nothing government lying through their teeth. It's just DISGUSTING,” adding that he earns $210,000 a year and wanted the bigger tax cut he would have gotten under the Coalition.

The government has halved promised tax cuts for the highest earners like Chris and will instead deliver bigger tax cuts for low and middle income earners, with average earners getting a tax cut of $804 a year.

“Welcome to the 1 percent club,” Pape replied to Chris. 'As an earner with a high income, I am also a member with a card. Park your Audi and go to the members house.

“A millennial earning minimum wage will serve you canapes when you click your fingers. Sorry not Sorry).'

Pape said he expects to pay “higher taxes, more fees and fewer benefits every year… because our government has a spending problem.”

He added that it is not just something happening under Labour, that 'both sides (of politics) have a history of spending like drunken sailors.

“And the way they pay for their expenses is by shedding higher incomes.”

He said that if he were Prime Minister for a day, he would introduce a system that would end 'brack creep' (where inflation pushes income into higher tax brackets) forever.

But he said that would never happen because Potato Head has a better chance of becoming Prime Minister.

Pape explained to his disgruntled reader that “Australia has a progressive tax system that redistributes income from top to bottom.

Financial advice author Scott Pape has spoken out in support of Anthony Albanese's Phase 3 tax cuts, replying to one of his newsletter readers who said: 'Labor lied'. Mr Albanese is pictured with his partner Jodie Haydon

“You can be completely twisted by it, or you can see it as the price we pay for the privilege of living in the greatest country in the world.”

Reader Chris also said that Australia is “one of the highest taxed countries in the world,” but Pape responded that “for him, it's worth it.”

“Go to America and see how they treat lower-income people, and see how that works out for them,” he suggested.

The Barefoot Investor said he agreed with the changes the Albanian government will implement in July if it can get the changes through the Senate.

'A few extra dollars a week for many of my financial advice clients is the difference between sausage and chicken. Or new school shoes for the kids,” he said.

Pape pointed this out too The cost of living crisis is not unique to Australia.

Scott Pape (pictured), better known as the Barefoot Investor, gave a lengthy response to a reader who complained about Labor's 'broken promise' on the Stage 3 tax cuts

“One of the benefits of traveling abroad is that the same news stories are repeated everywhere: rents are crazy high in Britain, food prices are rising in the US and energy bills are spiraling out of control in France,” he said.

In other words, inflation is a global phenomenon and has driven up the price of everything around the world. And yes, it hurts.'

He said Australia is at least partly dependent on what happens in the rest of the world in terms of whether interest rates and prices rise, fall or remain stable.

Mr Albanese is “tinkering around the edges and praying to the global inflation gods that things will sort themselves out.” And who knows what the gods will do?'