Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Tax Review calls for the lowering top tax rate

Tax Review calls for the lowering of the top rate of tax

Wednesday 20th Jun 2001 Rodney Hide Media Release -- Economy

ACT Finance spokesman Rodney Hide said today it was heartening and a vindication of ACT policy that the Tax Review 2001 released today had called for a cutting of the top rate of tax and for a more “proportionate” tax scale rather than a progressive tax scale at present.

“The Review favours having two rates instead of four. We used to have three but the present government increased the top rate of tax for individuals above $60,000 to 39 cents in the dollar.

“The Review correctly notes that ‘the country is not well served if [taxpayers earning over $60,000] reduce their saving, focus more effort on avoidance, raise their fees to recoup extra tax, or migrate.’ The review accordingly argues for reducing the top rate of tax to 34 cents or below. And to having just two rates of tax, not four.

“ACT has continually stated that the way to genuine ongoing economic growth is to reduce – not increase the top rates of tax. The review confirms that this Government is moving in completely the wrong direction.

“In the past year the country has suffered the consequences of increasing the top rate of tax. The benefits the country would enjoy through a lowering of the top rate are now long overdue.

“The 7.5 percent of taxpayers earning over $60,000 pay 40 percent of all income tax. They are paying well over their fair share.

“We don’t need to lift anyone’s tax, we just need to get government spending (especially welfare) under control, and to pull down the top rate of tax to 20 cents so that we can all have a brighter and more prosperous future,” Rodney Hide said.


For more information visit ACT online at http://www.act.org.nz or contact the ACT Parliamentary Office at act@parliament.govt.nz.

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Scoop 3.0: How You Can Help Scoop’s Evolution

Entering into its third decade of operation, the Scoop news ecosystem is set to undergo another phase of transformation and evolution.

We have big plans for 2018 as we look to expand our public interest journalism coverage, upgrade our publishing infrastructure and offer even more valuable business tools to commercial users of Scoop. More>>

 
 

Speaking Of Transport: Public Engagement On Wellington Scenarios

“Our work on possible solutions for Wellington’s transport future is ongoing, but has progressed to the stage where we’re ready to share our ideas with the public and seek their feedback to help guide our next steps...” More>>

ALSO:

Parental Leave: National's Time-Sharing Change Fails

National has proposed a change to the Parental Leave and Employment Protection Amendment Bill that would allow both parents to take paid parental leave at the same time, if that is what suits them best. More>>

ALSO:

Train Free Thursday: Workers Strike To Defend Terms Of Employment

"They signed up to these conditions a year ago when they got the contract for Wellington's rail services. Now they're trying to increase profits by squeezing frontline workers." More>>

ALSO:

Seclusion: Ombudsman Emphasises Importance Of Monitoring

Disability Rights Commissioner Paula Tesoriero says that while there have been changes to the Education (Update) Amendment Act 2017 to prohibit the use of seclusion, the report is an important reminder of the importance of regular monitoring of schools. More>>

ALSO:

United Future History: "All Good Things Must End"

'We’re extremely proud of what we’ve achieved over the past 15 years, working alongside the government of the day, both National and Labour.' Mr Light told members on Monday. More>>

Gordon Campbell: On The TPP Outcome, And The Hobbit Law

Somehow the Trans Pacific Partnership trade deal has come lurching back from the dead – and as predicted in this column last week, the member countries gathered in Vietnam have announced a deal in broad principle, shunted aside until a later date the stuff on which they don’t agree, and declared victory. More>>

Agreeing To Differ: Greens Maintain Opposition To TPPA
“The Green Party has long opposed the TPPA. The new proposed deal, which came out of the weekend’s talks, still contains key ISDS concessions to corporations that put our democracy at risk, so our position remains the same,” said Green Party trade spokesperson Golriz Ghahraman. More>>

ALSO:

Monitoring Report: A New Chapter For Children’s Rights In New Zealand?

The Children’s Commissioner is calling on the country to embrace children’s rights to ensure their overall well-being. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election