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


National’s partners’ tax plans cost at least $42 billion

National’s partners’ tax plans cost at least $42 billion

If National forms the next government its partners’ tax plans will cost the country at least $42 billion, and maybe as much as $50 billion, wreaking havoc with the books, says Labour’s Finance spokesperson David Parker.

“National claims to be extremely concerned about the fiscal prudence of the next Labour Government. This is despite Labour producing a fully costed alternative budget with headroom for coalition arrangements after the election.
“National refuses to say how its tax and spending plans match up with its partners. It should really take a look at the obligations it may have to fulfil in any coalition arrangement with its likely partners ACT, the Conservatives and United Future.

“To please the politically naïve yet stubborn Conservatives, National would need a tax-free threshold up to $20,000 with a flat tax rate of 25 per cent thereafter. That would cost at least $6.5 billion a year even though this would actually increase taxes on incomes between $20,000 and $48,000.

“Then to mollify the ACT party National would have to cut tax on earnings above $70,000 to 20 per cent which would cost an additional $1.3 billion.

“The ACT leader has said the party’s top priority in government is to lower the tax paid by corporations to 20 per cent costing around $2.8 billion a year rising to over $5 billion when cut to 12.5 per cent in 2017/18.

“All up these tax promises cost at least $10.5 billion a year which works out over four years to at least $42 billion, and possibly as much as $50 billion by end of the 2018/19 financial year. And that is without including the forgotten Peter Dunne who wants to introduce the regressive income-tax ‘splitting’ measure which Treasury said would cost around $500 million a year
“The total does not include the cost of any hidden surprises like Charter Schools that National is keeping secret from the public until after the election either.

“National has run a relentlessly negative campaign because it does not want to be up front with New Zealanders. Voting has already started yet National has still not released its fiscal plan for the next term. That is why National has resorted to misrepresenting Labour’s policies,” says David Parker.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines



Relevant Consents Gained: Government Unveils RMA Reform Package

The government has formally hauled down the flag on its attempts to alter the balance of environmental and economic priorities in the Resource Management Act, unveiling a 180-page Resource Legislation Amendment Bill containing reforms that have been largely endorsed by most political parties. More>>


Closing Schools And Such: Interim Redcliffs Decision Announced

“While the school’s board has argued that circumstances that could give rise to potential disruption are extremely unlikely, advice from technical experts has shown these concerns cannot be ruled out." More>>


Jane Kelsey: High Court Can’t Make Groser Provide TPPA Information Faster

‘This week we went back to court to challenge Trade Minister Groser’s stalling tactics over the release of information on the Trans-Pacific Partnership Agreement negotiations, following a High Court order that he reconsider the Official Information Act request I made last January’, said University of Auckland law professor Jane Kelsey, first applicant in the case. More>>

Werewolf 58: No Climate For Change

The last time the global community tried to take collective action on climate change the world’s leaders finally came to agree that every not-too-onerous effort should be made to hold global warming to 2°C above the pre-industrial average. At Paris, all 150 participant countries nations will have put forward their pledges... On the information available, New Zealand's is the second weakest contribution of any nation in the developed world. More>>


Lambton Quay Shutdown: Object Was Made To Look Like Bomb

Police cordoned off part of Lambton Quay Wednesday afternoon, saying that a suspicious package had been found. Buildings were evacuated and buses were detoured. The army’s explosive ordnance disposal unit was brought to the Quay. More>>


Public Sector Still Shrinking: Record Low Number Of 'Backroom Bureaucrats'

Ongoing restraint in the public sector and a focus on better frontline services has seen a further reduction in the number of core Government employees, State Services Minister Paula Bennett says. More>>


Disobeying The Law: Police Censorship Of Crime Research “An Outrage”

The Green Party is calling on Police Minister Michael Woodhouse to ensure Police scrap controversial contracts that place onerous restrictions on academic researchers’ access to Police data, the Green Party says. More>>


Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news