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Low-income workers short-changed on tax break

Annabel Young National Revenue Spokesperson

14 June 2001

Low-income workers short-changed on tax break

"Dr Cullen won't be honouring his promise to give low income employees the same tax break that people on the top tax rate are getting right now," National's spokesperson on tax Annabel Young said today.

"Personal super schemes are taxed at 33% so anyone on the top tax rate of 39% gets a tax break. But Dr Cullen told the Finance and Expenditure Committee on Wednesday that low-income employees won't be getting the same tax break until 2004 if at all.

"Top tax payers can reduce their tax bill by taking advantage of this loophole, and Dr Cullen promised that he would give the same deal to people on lower incomes. He has reneged on that promise.

"Why should high income earners be given a tax loophole saving 6 cents in the dollar tax when low income earners get no savings incentive?

"It's another broken promise, hidden away in this miserly Budget," Annabel Young said.

Ends

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