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Kiwis Overtaxed $2,500 A Year

Kiwis Overtaxed $2,500 A Year

A 30 percent leap in tax revenues under Labour is the biggest in New Zealand history, and clear evidence that ordinary working New Zealanders are being overtaxed by $2,500 a year, ACT New Zealand Finance Spokesman Rodney Hide said today.

"Recently released Crown financial statements, for the first four months of the fiscal year, show tax revenues continue to surge ahead of all expectations - $14.7 billion for the year to October, compared to just $11.3 billion for the year to October 1999," Mr Hide said.

"Despite this, Labour has overseen more than 40 tax increases, and raised petrol tax three times.

"Many families find it difficult to get ahead because they are so overtaxed. How are they supposed to pay the bills and save for retirement when the Government takes so much?

"Despite wage rises, people are moving into higher tax brackets and are paying more tax. Add inflation to the equation, and people's real net wages have not significantly changed from where they were four years ago.

"Labour is heading for another $5 billion surplus - that's enough to give every full-time working New Zealander a tax cut of $2,500 a year, or $100 a fortnight, and still run a surplus.

"ACT is the only party calling for a tax cut for every Kiwi worker. A tax cut putting around $100 a fortnight back in workers' pockets would be the best New Year news Kiwis could hope for.

"With New Zealand's economic outlook starting to dip, now could be the best time to signal a tax cut for workers," Mr Hide said.

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