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Voting has started and still no tax plan or fiscal budget

Voting has started and still no tax plan or fiscal budget for voters to see

"Even though voting for the election has already begun, National still refuses to provide any details of its proposed tax cuts. And Bill English admitted this morning that he won’t provide any specifics until after the election", Labour’s Finance spokesperson David Parker says.

“National is now dangling the prospect of vague and undefined tax cuts just weeks after Bill English said nothing substantial was affordable.

"It's pretty obvious that tax cuts were dangled only after National was in trouble with inappropriate behaviour by Judith Collins and the Prime Minister's Office.

"Neither has National made any provision for spending by its coalition partners.

"In contrast, Labour has. Our detailed fiscal plan has been out for months and responsibly shows our revenue, spending and debt reduction plans. Even more importantly we've got a plan to move the economy from speculation to productive investment and to higher value exports supporting secure well-paid jobs.

"John Key and Bill English refuse to engage in the debate about why their promise to increase exports to 40% of GDP has not been met. Exports were 33% when they took office, have dropped to 29% of GDP now, and are projected to go further backwards to 26% of GDP over the coming years. Labour's economic upgrade includes Universal KiwiSaver so that we have more of our own capital to invest in growing New Zealand businesses and jobs.

Our Capital Gains Tax excluding the family home ensures more investment goes into the productive sector rather than speculation. Our R+D tax credits improve the value of what we sell. All these measures make the economy stronger and lift wages.

"National's attacks are hollow given that Australia has each of these, which is why they are wealthier.

"Despite the fact that growth is slumping, exports are down, wages are stagnant, and interest rates rising, National has no plan. With a surplus yet to be recorded in the books and debt still rising, undefined tax cuts dangled after six years of deficits doesn't cut it", David Parker said.

ends

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