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450,000 families would gain from Income Splitting

Parents' Choice '08
July 1st 2008
Media Statement
450,000 families would gain from Income Splitting
An estimated 450,000 two parent families would gain from the introduction of income splitting for tax purposes.  That's according to Parents Choice which lodged its submission to Inland Revenue's Discussion Paper on Income Splitting this week.
"Pressures on families are growing with rising fuel and food prices .  New Zealanders are already working long hours compared to most OECD countries.  Income Splitting would relieve some of these pressures and send a positive signal that investing time in child raising is valued by society" says Roger Ellis, Chairperson of Parents Choice '08.
At a time of rising concerns about youth crime we note that two parent families and voluntary sports and community groups are among the primary safeguards to help reduce the risk of youth offending.  Surely then it's time that society signaled its support for parents and sports and community groups that spend time helping young people" said Mr Ellis.
Progressive countries such as Germany, Ireland, Norway and the USA allow parents to split incomes for tax purposes.  It's time that New Zealand caught up. Households that have one main income earner should be able to opt for a 50:50 split for tax purposes thereby reducing their tax.
"We look forward to consideration of the case for income splitting and hope that it will form part of a further tax reform package next year" said Mr Ellis.
More details can be found on Parents' Choice '08 blog at www.parentschoice08.blogspot.com

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