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Cullen's tax cut excuses wearing very thin

Cullen's tax cut excuses wearing very thin

Friday 3 Dec 2004

Rodney Hide - Press Releases - Other

ACT Leader Rodney Hide said the Finance Minister's latest excuse for not cutting taxes for fear of over-stimulating an already booming economy is laughable.

Dr Cullen's excuse came the same day as the New Zealand Institute of Economic Research released forecasts showing economic growth dramatically falling to 2.4 percent in the year to March 2006, and averaging just 2.9 percent per annum for the following three years.

"We're not booming and the future of our economy is not that bright. Tax cuts are just what we need," said Mr Hide.

Dr Cullen's latest excuse follows a litany of excuses, flop-flops, and indecision:

"At the beginning of his reign Dr Cullen said there was no fiscal headroom for tax cuts.

"He then told an overseas audience he'd like to reduce company tax as fiscal conditions permitted.

"As the surplus grew, he changed tack citing that most of the surplus would be committed to capital spending - which is complete rubbish.

"Now he fears over-stimulating the economy.

"The time is perfectly right now to cut taxes. Households are sick of being squeezed and Kiwis are sick of hearing Dr Cullen's excuses," said Mr Hide.

ENDS

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