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Government delivers on its tax cut promises

Hon Bill English Minister of Finance


11 December 2008

Media Statement

Government delivers on its tax cut promises

The passage of the Taxation (Urgent Measures and Annual Rates) Bill this morning shows that New Zealanders now have a government that delivers on its tax cut promises, Finance Minister Bill English said today.

The legislation includes personal income tax cuts and threshold changes, as well as a new independent earner tax credit for low and middle income earners. "It took nine years before Labour relented to cut personal taxes at their last opportunity. It has taken the National-led government a week," Mr English said.


The new legislation is part of the government's plan to help cushion the impact of recession and increase New Zealand's economic productivity and competitiveness. "The tax cuts we have delivered will stimulate the economy in the short term by putting cash in people's pockets, and in the longer term by encouraging people to invest in their own skills to earn and keep more money. "The passage of the Bill is an important step towards our goal to deliver a personal tax system that rewards effort and provides better incentives to get ahead." The table below shows how much shows how much savings the tax cuts deliver over the three-year programme. These savings are in addition to the 1 October 2008 tax cuts.

Annual taxable income

Cumulative weekly savings

TOTAL ANNUAL SAVINGS FROM 1 APRIL 2011

1-Apr-09

1-Apr-10

1-Apr-11

Tax cut

with IETC

Tax cut

with IETC

Tax cut

with IETC

Tax cut

with IETC

$ 15,000

0.00

0.00

0.00

0.00

0.19

0.19

10

$ 20,000

0.00

0.00

0.00

0.00

1.15

1.15

60

$ 25,000

0.00

10.00

0.00

15.00

2.12

17.12

110

890

$ 30,000

0.00

10.00

0.00

15.00

3.08

18.08

160

940

$ 35,000

0.00

10.00

0.00

15.00

4.04

19.04

210

990

$ 40,000

0.00

10.00

0.00

15.00

5.00

20.00

260

1040

$ 45,000

11.54

19.04

11.54

24.04

17.50

30.00

910

1560

$ 50,000

18.46

18.46

23.08

23.08

30.00

30.00

1560

$ 55,000

18.46

18.46

23.08

23.08

30.00

30.00

1560

$ 60,000

18.46

18.46

23.08

23.08

30.00

30.00

1560

$ 65,000

18.46

18.46

23.08

23.08

30.00

30.00

1560

$ 70,000

18.46

18.46

23.08

23.08

30.00

30.00

1560

$ 75,000

19.42

19.42

25.00

25.00

31.92

31.92

1660

$ 80,000

20.38

20.38

26.92

26.92

33.85

33.85

1760

$ 85,000

21.35

21.35

28.85

28.85

35.77

35.77

1860

$ 90,000

22.31

22.31

30.77

30.77

37.69

37.69

1960

$ 95,000

23.27

23.27

32.69

32.69

39.62

39.62

2060

$ 100,000

24.23

24.23

34.62

34.62

41.54

41.54

2160

ENDS

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