National's Tax Policy Outlined
Taken from the Treasurer's Speech to the National Party Conference. Full text in the Parliament wire
Current middle rate 21 cents with the top rate coming in at $38,000. From April 1 next year, middle rate set at 20c and top rate income level upped to $40,000.
Tax scale will have three rates - 15c to $9500, 20c to $40,000 and 33c over $40,000
Changes will cost will cost around $400 million to the Government spread over 2.3 million taxpayers.
Future priority (no timescale) - Lowering the business tax rate and the top personal tax rate to 30c. Dependent on the economy improving faster than the current forecasts.
A 'Dollar For Dollar' Commitment
For every dollar in tax reductions, a National Government will provide an extra dollar of expenditure on social services.