Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Labour's planned tax grab bad for economy


MEDIA RELEASE

24 October 1999

Labour's planned tax grab bad for economy

Treasurer Bill English said Labour's planned $800 million tax grab would be bad news for the economy and a setback just as the country was getting back on its feet.

"Labour is planning to collect over $800 million more in taxes than what is forecast in the Pre-election Economic and Fiscal Update (PREFU). That is $800 million out of the productive part of the economy and out of New Zealand families' pockets. Instead Labour wants to put it towards more than 100 policy reviews and new bureaucracies.

"If we want to compete to keep people and businesses in New Zealand who can help grow the economy, we have to maintain the advantage we have not spend it away.

"The PREFU incorporates National's planned tax reductions, which will cost $395 million next year and which Labour has promised to reverse. In addition, Treasury's tax ready reckoner shows Labour would collect a further $490 million tax next year by increasing the top tax rate above $60,000 and increasing Fringe Benefit Tax.

"Dr Cullen has said that he will be able to forecast operating balances as good as those included in the PREFU, in spite of all the spending promises Labour is making. His $800 million tax grab will be one way he'll be paying for those promises.

"Labour is trying to bribe people with their own money. What they're doing amounts to telling every New Zealander they're going to get a present, but then asking taxpayers for $350 each to pay for it.

"Labour's high tax and high spending policies are backward-looking and at total odds with its talk of supporting business and creating jobs.

"Policies that will take us forward include lower taxes, lower costs for business, and flexible labour markets," said Mr English.

Ends

Internet address - www.executive.govt.nz/minister/english


© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Davos World Economic Forum: Ardern Upbeat Despite Absences

The prime minister will soon wrap up her first day at the World Economic Forum in Davos, which is notable for who is there as much as who isn't.

Domestic political crises have kept a number of world leaders at home including US President Donald Trump, British Prime Minister Theresa May and French President Emmanuel Macron. More>>

 

Gordon Campbell: On Why Shipping Is NZ’s New Trade Problem

So Jacinda Ardern and Theresa May have signed a piece of paper promising peace in our time when it comes to our trade with Britain... Brexit is not the only concern. More>>

ALSO:

Reshuffle: National Announces Spokesperson For Drug Reform

National Leader Simon Bridges has appointed Paula Bennett to the new position of Spokesperson for Drug Reform as the Government pushes ahead with its agenda of drug decriminalisation, to signal National’s commitment to holding them to account. More>>

ALSO:

KiwiBailed: KiwiBuild Head Officially Resigns

The head of Kiwibuild, Stephen Barclay has officially resigned from the role. In a statement issued on his behalf, it was announced that he would step down from today [Friday]. More>>

ALSO:

Welfare Stats: Rise In Hardship Numbers Shows Income Inadequacy

The latest Ministry of Social Development quarterly report show that a record number of people have received hardship assistance from work and income, with an additional 40,000 hardship payments made between September and December 2018, compared to the previous quarter of the same year... More>>

ALSO:

Gordon Campbell: On MBIE’s Social Media Scam

Given the ambit of MBIE’s work, almost any form of social activity could qualify as being part of MBIE’s brief, so the privacy threats posed by this training programme are extensive. The current oversight safeguards seem threadbare to non-existent. More>>

ALSO:

JusTrade: New Campaign For A 21th Century Trade Agenda

‘Critique is no longer enough. If anything is to really change, we need to step away from the existing framework and take a first-principles approach to rethinking what will work for the 21st century.’ More>>

Earlier:

Gordon Campbell: Thompson + Clark Are The Tip Of The Iceberg

How can we tell where and how any lines are being drawn? Oversight is not exactly robust. If it were, Thompson + Clark would have been out of contention for state security work ten years ago. More>>

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels