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Labour's Greed Will Never End

Labour's Greed Will Never End

Friday 24 Sep 2004

Dr Muriel Newman - Press Releases - Taxation

So long as Labour is the Government, it will never have enough money - it will simply keep robbing hard-working New Zealanders of ever-increasing amounts in tax until it is finally kicked out of office, ACT New Zealand Deputy Leader Dr Muriel Newman said today.

"Media has reported today that Labour is raking in so much tax that even its allies are growing concerned, and that Finance Minister Dr Michael Cullen's $7.4 billion surplus is too much for even him to spend," Dr Newman said.

"But, no matter what Dr Cullen may like to think, it does not belong to him - it belongs to New Zealanders, each and every one of whom has paid over $1,500 toward that surplus.

"But the Government is still not sated. IRD now proposes adjusting property depreciation rates, changes which could be in place as early as April 2005. This would see IRD raking in around $22 million of extra tax from residential property investors.

"ACT is opposing this Labour tax-grab. There are at least 164,000 private property investors in New Zealand with at least one rental property. These are largely people who have taken responsibility for providing for their retirement.

"For Labour to now penalise them, when it is swimming in tax surplus, is inconceivable. The Government is trying to plunder an investment that many people make as a means to save for retirement, and ACT is urging them to fight back.

"I am calling on property investors to fight back. I have set up an online petition against these depreciation changes at www.depreciation.co.nz (http://www.depreciation.co.nz/) . This site includes information about the changes, and allows users to make submissions on the proposal. I urge investors to sign the petition, and make a submission to fight Labour's greed," Dr Newman said.

ENDS


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