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Copeland continues fight for fairer tax treatment

Copeland continues fight for fairer tax treatment

United Future Revenue spokesperson Gordon Copeland is continuing his campaign to persuade the Government to index the tax brackets for inflation between 1 April 2000 and 31 March 2005.

He says that based on Reserve Bank forecasts, cumulative CPI movement during that time will be 13.95%.

“This would adjust the current $38,000 bracket (the threshold between tax at 21 cents and 33 cents) to $43,300 and the current $60,000 bracket (the point at which the 39 cent rate cuts in) to $68,400.

“The Government says that at about $620 million this is too expensive, but I say what about fairness? What about the cut in real family incomes this represents at a time when the Government is not only running a large surplus but that surplus is itself well ahead of forecast?

“The OBERAC for the seven months ended 29 February 2004 is actually $740 million above forecast, so the plain and substantial fact is that the Government could adjust the income brackets for inflation, boost family incomes by $620 million, and still find itself about $120 million ahead of forecast.”

Mr Copeland calculates that the CPI adjustment would result in a tax cut of $1.65 per week for those earning below $43,300, $14.52 per week for those earning below $68,400 and $23.23 per week for those earning over $68,400.

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