Deputy Leader of the Opposition Julie Bishop has confirmed tax cuts under an Abbott Government are merely an aim, and there is no guarantee they will be delivered.
When questioned about Mr Abbotts statement yesterday that tax cuts would be in prospect by the end of his first term, Julie Bishop responded:

I believe he made it clear that we will aim for tax cuts in our first term.

JULIE BISHOP SKY 1 FEBRUARY 2012

Tony Abbott has already voted against tax cuts for 2.7 million small businesses last November, now he has abandoned his own promise of tax cuts.
Under Labor, all taxpayers with incomes of up to $80,000 will get a tax cut, with most receiving at least $300 per year. This means around 60 per cent of taxpayers will get a tax cut of at least $300.
The Opposition has confirmed they will claw back Labors tax cuts and pension increases being delivered this year replacing it with the aim of a tax cut in five years time.
Given Mr Hockey has admitted he has to make $70 billion in cuts to balance his books, it is not surprising the Opposition is scurrying away from delivering tax cuts.
The Howard Government was the highest taxing government in Australias history and it appears Tony Abbott and Joe Hockey are keen to continue this legacy.
Not only are taxes lower under Labor, so are interest rates. A family with $300,000 mortgage is now paying $3000 less a year than they were paying under the Liberals.