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Australian government shows way on tax cuts

Wednesday, 11 May 2005

Copeland: Australian government shows way on tax cuts

United Future finance spokesman Gordon Copeland said today that the Government should follow the lead of its Australian counterpart by reducing tax rates along the lines of those announced in the Australian budget.

"I have been saying for some time now that bracket creep needs to be brought to an end by raising the threshold at which the 21%, 33% and 39% tax rates kick in.

"That gives much needed tax relief to all New Zealanders.

"In addition United Future's policy is to introduce income splitting for all couples with dependent children. This dovetails well with the Working for Families package, particularly in the middle and upper income levels, both by reducing the quantum of income tax itself significantly and, at the same time, reducing the high effective marginal tax rates faced by single middle income families.

"National's revenue spokesperson John Key has correctly identified the weakness in the Working for Families package as the high marginal tax rates for such families and I have just as consistently pointed out that the problem is solved via income splitting.

"Hopefully, common sense will eventually win out and New Zealand, like Australia, will do the sensible thing in reducing the tax burden whilst maintaining reasonable surpluses.

"Australians have seen tax cuts now for three years in a row. It's time for New Zealand to follow suit. New Zealand has seen only tax increases."

ENDS

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