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Tax cut cocktail would leave dreadful hang-over

23 August 2005

Hon Jim Anderton MP, Progressive Leader

Nats' tax cut cocktail would leave dreadful hang-over

National's Champagne and Chocolates Manifesto, offering very large tax cuts for the selected few earning the highest incomes, would deliver a very long and painful hang-over which would be shared by all New Zealanders, Progressive leader Jim Anderton said today as he addressed Rotary on the state of economy.

"As I read through National's massive, overseas debt-financed tax cuts for the rich policy last night, my blood began to boil.

"How dare the National Party threaten all of our futures with their reckless overseas borrowing programme?

"For six long, hard years the coalition government has worked patiently and diligently with businesses, industry and regions to build a solid framework for economic development. This is now paying dividends in terms of spectacular job growth and is beginning to lift incomes.

"National's proposal involves putting out the begging bowl in foreign capital markets the way Muldoon did. They borrow overseas in order to fund unsustainable income tax cuts that mainly boost consumption and overseas travel for the most affluent. That policy would trash New Zealand's regional economies and our society overnight," Jim Anderton said.

"The cynicism of National knows no bounds.

"They propose to delay into the Never Never Land the only useful part of their policy, that is tax cuts for job-creating companies. At the same time their massive, overseas debt-financed tax cuts for the richest amongst us would mean interest rates for small businesses and anyone with a home mortgage, would go up," the Progressive leader said.

"I have to wonder if foreign airlines and European car makers are major sponsors of National this election year.

"National's destructive tax cuts for the rich would hurt New Zealand, but help foreign holiday providers, and European car makers, as they pitch for the surplus cash flowing down Remuera Rd and Fendalton Rd looking for a home," Jim Anderton said.

ENDS

Full speech notes available on: www.progressive.org.nz

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