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Xmas grinch tax act a sad opener for National


Xmas grinch tax act a sad opener for National

National’s kinder, gentler facade faded today as it rammed through unfair tax legislation that penalises low income families, Labour Finance Spokesperson David Cunliffe said.

“This Tax Act is bad for thousands of ordinary Kiwi’s, it is bad economics and was passed using bad process to ram it through before Christmas.

“National promised New Zealanders a brighter future but this tax package doesn’t even come close to delivering on that promise for low income earners.

“Anyone earning between $14,000 and $20,000 will pay 8.5 percent more tax than under Labour’s Plan. All families earning $40,000 or below and some earning up to $80,000, will also pay more tax than under Labour’s plan. But those individuals earning over $70,000 will benefit.

“It robs low income earners of the opportunity to save for a decent retirement by gutting Kiwisaver to the tune of $3.5 billion.

“Retiring should be something people look forward to not something they fear because they don’t have the savings they need to provide for themselves once they finish working.

“It undermines productivity, innovation and growth by stripping out 1.5 billion from the R and D tax incentive.

“It is the wrong way to fight recession, it rewards the few, punishes the many and wastes and opportunity for effective government economic stimulus.

“It was rammed through under urgency with no select committee and no opportunity for normal consultation,” Mr Cunliffe said.

ENDS

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