Forecast shows tax cuts needed immediately

Tuesday 14 Dec 2004

Rodney Hide - Press Releases - Economy

Economic forecasts released today by the Government show that tax cuts should be implemented immediately, ACT Leader Rodney Hide said today.

Mr Hide's comments follow today's release of the Budget Policy Statement and December Economic and Fiscal Update.

"The statements tell the story of a greedy government awash with taxpayers' cash. Tax revenues are forecast to continue to soar well beyond this year's budget predictions and that's despite the extra spending forecasted."

Mr Hide said given the average $5.7 billion operating surpluses over the next four years, tax cuts are clearly affordable.

"We need a tax cut for every worker and we need it now. The money belongs to the taxpayer, not Dr Cullen.

"The worse news is that economic growth is forecast to drop from 4.7 percent this year to just 2.4 percent next year and 2.6 percent in 2006. This is well behind the average growth rates our trading partners will enjoy."

Mr Hide says tax cuts are needed immediately to encourage investment and to ensure a prosperous future for all New Zealanders not just the Government's.

ENDS

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