Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

United Future Policy For Election 2005

Saturday, May 28

United Future Policy For Election 2005 - United Future will:

* Make the first $3000 of earned income tax-free, as part of the Working For Families package.

* Increase the other tax thresholds by $5000 to offset the increase in inflation (i.e. the 33% rate will apply to income over $43,000 rather than $38,000, and the 39% rate will apply to income over $65,000 rather than $60,000).

* Further lower tax rates, as economic conditions allow, with the goal of establishing a tax rate that is comparatively flat.

* Ensure that the taxation system takes into account the costs of raising a family by introducing income splitting for couples raising children.

* Reduce company tax to 30 cents in the dollar over the next three years

* Increase the tax rebate on donations from individuals to charitable organisations from $630 p.a. to $6,300 p.a. as a first step, with a comparable increase for companies

* Extend dividend imputation credits to registered charities upon the establishment of the Charities Commission

* Give working families the opportunity to receive their Working For Families entitlements in ways that do not resemble a benefit payment. United Future would explore the following alternatives for the delivery of family assistance:

* As a lump sum at the end of the tax year, to remove the possibility of overpayment and indebtedness to IRD, enabling families to use it to offset other tax liabilities (e.g. student loans).

* As a child tax allowance (reducing a family's taxable income by a certain amount per child) rather than a child tax credit (reducing a family's tax liability). This would be less likely to generate high effective marginal tax rates.

* As an adjustment to the take-home pay of parents, paid through the employer (as it is in the US and the UK).

* To be paid directly to the main carer, to reflect the value of their work.

* To be diverted into a workplace savings scheme, to help save for a house deposit

* To be diverted into a tertiary savings scheme. *To be capitalised in advance and used to increase equity in a home. * Recognise the impact of student loan debt on raising a family by freezing interest and writing off a portion of the debt of parents for two years after the birth of a child. * Streamline the tax compliance and penalties regime * Zero-rate local body rates for GST.
* Review the tax treatment of Research and Development, to generate incentives for an increase in private sector expenditure to 1.5% of GDP.
* Ensure that a significant proportion of fuel taxes collected within a specific region are earmarked for improvements to roads in that region, rather than being diverted into the Crown Account.
* Ensure that tax revenues collected from products as tobacco and alcohol are directly channelled into the health budget to recover the costs associated with their use.

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Veronika Meduna: The Kaikoura Rebuild

A Scoop Foundation Investigation

Friday will be a big day for people north of Kaikōura – and for hundreds of construction workers who are racing to reopen State Highway 1 in time for the holiday season.

By the afternoon, the South Island’s main transport corridor will be open to traffic again, more than a year after a magnitude 7.8 earthquake mangled bridges and tunnels, twisted rail tracks and buried sections of the road under massive landslides. More>>

 

BPS HYEFU WYSIWYG: Labour's Budget Plans, Families Package

“Today we are announcing the full details of the Government’s Families Package. This is paid for by rejecting National’s tax cuts and instead targeting spending at those who need it most. It will lift 88,000 children out of poverty by 2021." More>>

ALSO:

Gordon Campbell: On Defence Spending, Alabama, And Dolly Parton

The spending lavished on Defence projects to meet the risks that could maybe, possibly, theoretically face New Zealand in future is breath-taking, given how successive governments have been reluctant to spend even a fraction of those amounts on the nation’s actual social needs. More>>

ALSO:

Members' Bills: End Of Life Choice Bill Passes First Reading

The End of Life Choice Bill in the name of David Seymour has been sent to a select committee for consideration by 76 votes to 44. It is the third time Parliament has voted on the issue in recent decades and the first time such a Bill has made it over the first hurdle. More>>

ALSO:

State Sector: MPI Survives Defrag Of Portfolios

The Ministry for Primary Industries will not be split under the new government, but will instead serve as an overarching body for four portfolio-based entities focused on fisheries, forestry, biosecurity and food safety. More>>

ALSO:

Gordon Campbell: On Vulnerable Kids, RNZ Funding, And Poppy

The decision to remove the word ‘vulnerable’ from the Ministry for Vulnerable Children could well mark a whole shift in approach to the care of children in need... More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages