The Mapp Report: Investment in Skills & the Future
The Mapp Report
Means Investment in Skills & the Future
Dr Wayne Mapp
22 July 2005
If New Zealand is to get ahead, we need to encourage investment. For young people, this means investment in their futures and their country.
We want to introduce a fair measure that will enable students to get ahead and pay their loans off faster.
Under our scheme, a student with a $30,000 student loan, earning $45,000 a year, will get a tax rebate of $693 per year. Over the life of the loan, it will result in a reduction of $7540 in the amount to be repaid, and it will substantially reduce the time it takes to re-pay the loan.
It is a similar philosophy to a young tradesperson borrowing money for setting themselves up in a business. Right now, they are able to deduct the interest off that borrowing against their taxable income, because they are making an investment for their future. In the same way, students who are borrowing money for student loans are making an investment in their futures - knowledge.
New Zealand desperately needs its best and brightest young people to stay in New Zealand and work in the fields that they are trained for. If we want them to stay, we are obliged to ensure that their investment is recognised.
National knows that growth and prosperity needs people with skills and jobs. The student loan tax package will ensure that the cost of gaining these skills is properly acknowledged, and is part of the incentive of making New Zealand a more attractive place for people to build their careers.
LABOUR LIES: #1 This is a new section of the Mapp Report, dedicated to debunking the lies and spin that Labour are putting about on National policy & intent. Each week I will address a different question or statement, and explain what National's real intentions are. Most of these questions are coming into my office from concerned and confused voters.
MYTH#1: Labour claims National will raise the age of entitlement for superannuation to 70 years
ANSWER: No, we will not. The age of entitlement will remain at 65.
Visit my website for more information at: http://www.wayne-mapp.co.nz/