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Government surplus & household debt? Time for tax cuts

Government surplus & household debt? Time for tax cuts

Two reports released today both make it clear the government is overtaxing New Zealanders, says ACT Leader David Seymour.

“The Finance Minister has once again boasted about how much revenue the Government is collecting, with Budget surplus running $700 million ahead of forecasts,” says Mr Seymour.

“Of course, a government surplus is actually a taxpayer deficit. It shows that the government is taxing New Zealanders more than it needs to. ACT says this money belongs to the taxpayer and it’s time to give it back.

“The IMF, meanwhile, have said that rising household debt is a risk to New Zealand’s financial stability.

“When you’ve got a government surplus combined with private debt, the solution is obvious: return some of the surplus to the private sector via tax cuts, allowing families and businesses to pay off debt with the money they rightfully earned. The rest of the surplus can be used to pay down public debt.

“A stronger ACT will make the Government commit to a programme of tax relief that continues beyond election year.”


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