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Cullen's High Tax Policy Wrong

24 May 2002

Dr Cullen is trying to rewrite economic theory and history when he says' tax reductions aren't good for growth, says Nationals finance spokesperson David Carter.

"The reality is lower taxes are good for growth - lower tax means businesses have more to reinvest, and lower taxes means people get rewarded for skills and success, rather than being punished.

National cut taxes in the nineties and higher growth was the result.

"This election isn't about lower taxes versus no change. It's about lower taxes versus higher taxes with even senior Treasury officials including lower taxes in their list of basics that shouldn't be forgotten in a plan for higher growth.

"Dr Cullen is trying to paint the picture of a prudent Finance Minister who kept within his $6,125 billion spending cap. The truth is he spent over $7 billion of new money, offset by $900 million in new taxes.

"The proves Labour's plan to only increase taxes for the "rich" is a myth. This $900 million has come from every New Zealand household in the form of higher petrol taxes and higher tobacco excise.

"Higher surpluses aren't something to be crowing about, Dr Cullen. It's not your money. It belongs to the households and businesses of New Zealand - and I back them to know how best to use it, "says Mr Carter.

Ends

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