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Perfect storm brewing for serious tax cuts

Perfect storm brewing for serious tax cuts

“A perfect storm of ballooning surpluses, high private debt, and an impending mortgage squeeze has set the scene for ACT’s proposal to make significant cuts to tax,” says ACT Leader David Seymour, who is set to announce the policy in Auckland tomorrow.

“Steven Joyce is today boasting of a surplus that’s $1.3 billion ahead of forecast. ACT says the surplus shouldn’t be boasted about, but returned to the taxpayers who earned it.

“This comes as the IMF is warning that private debt is getting out of control, and set to reach 168% of disposable income by 2022, making New Zealand vulnerable to economic shocks. While Steven Joyce focuses on public debt, he should be returning more money to taxpayers so they can address private debts.

“At the same time, rising inflation is set to put pressure on mortgage rates, squeezing the budgets of mortgage-holding households. Tax cuts would provide vital relief as these people look to cut necessities.

“Unlike National, who are set to tinker with tax bracket thresholds, ACT will tomorrow announce a plan to cut real tax rates and permanently end bracket creep.

“If we allow New Zealanders to keep more of what they earn, and invest in their businesses, their families, their communities, and themselves, we’ll all be better off for it.”


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