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Trump tax cuts a wake-up call for NZ
Trump tax cuts a wake-up call for NZ
Steven Joyce ought to be paying close attention to President Trump’s proposed tax cuts, says ACT Leader David Seymour.
“Ignore the Opposition’s politics of envy; New Zealand needs to be an attractive place for businesses and high earners. This means being more competitive with our tax rates.
“If Donald Trump achieves his 15% company tax rate, our company tax will be almost double that, at 28%. It’s already one of the world’s highest company tax rates, we can’t risk having companies and businesspeople fleeing to the US or other low-tax destinations. National need to confirm whether they’ll be addressing company tax in Budget 2017.
“That said, our personal taxes are also too high. A 30% tax rate kicks in as soon as you earn over $48,000. We’re taxing everyday Kiwis like they’re rich pricks and, with the US tax cut likely to set off a round of global competition, New Zealand can't afford a she'll be right attitude.
“In the lead up to Budget 2017, ACT will be announcing a fully-costed tax proposal that will substantially lower and simplify income taxes. Unlike Trump’s tax cuts, ACT’s plans will actually be credible because they will include major cuts to government waste, meaning we can keep paying off debt. It will be tremendous.”
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