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High taxes won't encourage brightest and best

MEDIA RELEASE

10 August 1999
High taxes won't encourage brightest and best to stay

Treasurer Bill English said Labour's claim that its industry and competition policies would encourage the country's brightest and best to stay defied logic when Labour also planned to increase taxes for people earning more.

"The message from Labour is that if you earn more we want to tax you more.

"Our brightest and our best will stay in New Zealand if they can get interesting, well-paid jobs. Lower taxes are an important part of the equation because they signal that we value enterprise and reward for effort.

"Lower taxes are crucial to a culture of innovation and enterprise by encouraging people to save and businesses to invest.

"Dr Cullen says Labour's industry development policy is the centrepiece of its strategy for encouraging more knowledge-intensive enterprise. This policy amounts to cash handouts for a few businesses.

"And handouts for a few are no replacement for the nitty gritty of good policy aimed at results for every business, such as producer boards and ACC changes.

"Labour's plan to increase taxes on workers to fund grants and incentives for businesses defies logic," said Mr English.

Ends


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