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"Tomorrow, tomorrow, tomorrow” says Key on tax cuts

"Tomorrow, tomorrow, tomorrow” says Key on tax cuts

Press release: ACT New Zealand
May 16, 2015. 12:25pm

ACT Leader David Seymour says the Prime Minister lacks credibility on tax cuts.

“The Prime Minister is trying to have it both ways. He campaigns from the right by noncommittally hinting at future tax cuts, but governs from the left by refusing to end tax bracket creep, let alone cut tax today.

“Even a $3 billion tax cut in 2018 would barely cancel out the $2.1 billion cost of bracket creep since the last round of tax reforms. It would be more of a ‘tax reset’ than a tax cut.

“It’s ridiculous that politicians can jump up and down every few years and claim to be cutting tax, when they’re really just correcting for inflation pushing earnings into higher tax brackets.

“It strains credibility that the Government is prepared to allow eight years of bracket creep before cutting tax. A more credible approach would be to cut tax now, with a promise to adjust tax brackets with inflation rates. Otherwise, bracket creep will continue to raise tax by stealth, eroding the benefit of the tax cut.”

ENDS

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