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Now for a tax you can understand

Media Release ACT Party
5 September,2014
Dr Jamie Whyte ACT Leader

Now for a tax you can understand

"Labour's Capital Gains tax, as described by David Parker, is designed to drive investors away from a property bubble to productive investments," says ACT Leader Jamie Whyte.

"This tax is really a raid on the pockets of New Zealanders to raise three billion dollars for Labour's big government spending machine. It is so complicated that even Labour is having trouble understanding it.

"ACT, in contrast, has a tax policy that will not take billions from the pockets of New Zealanders.

"ACT’s plan to lower the company tax from 28% to 12.5% would bring many real benefits to all New Zealanders.

• Instead of paying a tax to a big government spending machine, businesses could lower prices.

• Instead of the money paid in tax leaving the productive part of the economy, it will be retained for investment in plant and equipment, research and development. Better productivity would raise productivity and therefore wages.

• Companies that kept more of their income could set some aside to sustain the company in economic or market downturns. This will benefit the whole economy.

• It would be easier to start and develop new companies and enterprises.

• If a large swathe of their profits was not taken by government, companies would have room to pay better wages and hire more employees. More employees on better wages is a boost to all other parts of the economy. It means fewer people on welfare, and more in work and paying taxes. Workers with more income would boost other companies - not just the one they work for.

"ACT’s lower company tax is an example of intelligent policy making that leads to a more productive, more prosperous country."

"Labour’s confusing collection of increased taxes lead in the opposite direction," says Dr Whyte.

ENDS

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