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Time For A Tax Cut

18 August 2005

Time For A Tax Cut

New forecasts on government revenue and spending show that tax cuts are affordable and sensible, said Don Nicolson, Vice-President of Federated Farmers.

Mr Nicolson was commenting on today's Pre-Election Economic and Fiscal Update, which opens the government's books four weeks out from the election.

The government has found itself with considerably more tax revenue compared to its May Budget forecasts: an extra $541 million in tax revenue in 2004/05 rising to an extra $731 million in 2005/06 and $1 billion more than expected in 2006/07.

"The new numbers make a mockery of claims that tax cuts are unaffordable" said Mr Nicolson.

Mr Nicolson was also concerned about large projected increases in government spending and revenue over the next few years, and the government's announcement that it will expand the Working for Families package.

"While working people should definitely get tax relief, the Working for Families package will do little to encourage investment that is desperately needed to increase productivity and improve New Zealand's export competitiveness.

"Economic growth is slipping. Cutting high effective personal and business tax rates and restraining burgeoning government spending would be a far better strategy to lift New Zealand's economic performance," said Mr Nicolson.

ENDS


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