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ACT tax policy slashes income tax rates

Rodney Hide
Tuesday, 24 May 2005
Press Releases - Taxation

ACT tax policy slashes income tax rates

ACT will return the Government’s $21 billion forecast surplus to hard working New Zealanders by slashing taxes, ACT Leader Rodney Hide said today.

Launching ACT’s tax policy at the Newmarket Rotary Club at the Ellerslie Racecourse, Mr Hide said ACT would drop the middle tax rate of 21 cents to 15 cents in the dollar.

“We would also drop the top tax rate to 25 cents in the dollar, while slashing the company tax rate from 33 cents to 25 cents.

“That would flatten New Zealand’s tax system to just two rates: 15 and 25 cents,” Mr Hide said.

“That would be a tax cut for every worker and a big boost to the economy. Treasury says tax cuts of this magnitude would add 1 to 1.5 per cent to New Zealand’s growth rate.

“These tax cuts would mean a 7% pay rise for a worker earning $41,000, that’s an extra $2000 a year.

“Reducing tax rates will cost $5.7 billion, $1.7 billion less than this year’s $7.4 billion forecast surplus,” Mr Hide said.

“These tax cuts are affordable and easily achievable.

“Unlike Labour, ACT believes that kiwis should keep more of their hard-earned money. ACT has always campaigned on tax cuts – we can’t wait for this year’s election where tax cuts are now an election year issue,” Mr Hide said.

ENDS

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