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Best environment for tax cuts in a generation

MEDIA RELEASE

BEST ENVIRONMENT FOR TAX CUTS IN A GENERATION

9 DECEMBER 2016
FOR IMMEDIATE RELEASE

"If the National Party-led Government fails to deliver meaningful tax cuts in Budget 2017, it is unlikely it ever will,” says Jordan Williams, Executive Director of the Taxpayers’ Union reacting to yesterday’s Half Yearly Budget Policy Statement.

“A worker earning the median full-time wage paid an average rate of 15.4% income tax in 2010. Thanks to bracket creep – increases in income to match average price increases – his or her average tax rate has inflated up to 17.0%. That is an extra $40 a week going to the Government.”

“Someone on the median wage is not rich. They should not be facing a 30% marginal tax rate."

"With surplus projected of $8 billion per year in the near future, if this isn’t the time to adjust income tax thresholds to reflect inflation and average wage growth, when is?"

ENDS


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