No plans to raise income tax, says Swan Federal Treasurer Wayne Swan ruled out increases to personal income tax in the May 14 budget. TREASURER Wayne Swan has told parliament the government has no plans to raise income tax in the upcoming budget. During a radio interview on Thursday, Mr Swan was asked four times whether he would increase income taxes in the May 14 budget, but declined to rule it in or out. However after repeated questions from shadow treasurer Joe Hockey during question time about whether the government had plans to hike income tax, Mr Swan told parliament: "We will not be increasing personal income taxes." "What we will be doing is continuing to reform the system so people on low incomes get a fair go," he said. The opposition has claimed Labor is looking at tax rises to fill a hole in the budget and fulfil major spending promises such as the National Disability Insurance Scheme (NDIS) and extra school funding.