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No Tax Relief As ACC Levies Rise
No Tax Relief As ACC Levies Rise
Rodney Hide Wednesday, 1 March 2006 Press Releases - Taxation
Michael Cullen delivered a slap to working New Zealanders when appearing before the Finance and Expenditure Select Committee this morning by ruling out income tax cuts, says ACT Leader Rodney Hide.
"Last year thousands of Kiwi workers voted for lower taxes, but Michael Cullen has ruled out reducing the 39% top tax rate in the 2006 budget", Rodney Hide said.
"Instead, government plans to pocket even more of their income, as ACC levies have risen 8.3% in the year to April 2006.
"A cut to business tax in this budget would be welcome, but it's income tax which discourages work and drives many of our best and brightest overseas.
"Dr Cullen insists that the economy is going great guns. Huge surpluses mean that the money is available.
"Lower, flatter tax rates provide incentives for people to work and produce, and would increase the prosperity of all New Zealanders.
"By ruling out income tax cuts in the face of rising ACC costs, Dr Cullen has confirmed that there will be no relief for struggling Kiwi workers under Labour", Mr Hide said.
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