Amy Adams - Finance

15 May 2018

The Government that promised not to increase the tax burden on Kiwis is already setting out to suck up the spare cash of Kiwi families and load more debt onto future generations, National’s Finance Spokesperson Amy Adams says.

“The Ardern-Peters Government talks a lot about lifting people’s incomes but not only do they refuse to let people keep more of what they earn, they’re actively taking more cash out of people’s wallets,” Ms Adams says.

“If you just take the petrol tax increases, the new regional fuel tax, the five year bright line test and the Amazon tax, then you have Kiwis paying around $2.27 billion more tax over the next four years.

“This from a Government who said they would introduce no new taxes in their first term.

“And of course they also cancelled National’s tax cuts which made an average income earner $1060 a year better off.

“Despite taxing more, the Government’s spending promises mean they are also planning to borrow an extra $10 billion over the next four years – increasing debt servicing costs by around $1.114 billion over this period, or $650 per household.

“Borrowing more and taxing more in strong economic conditions makes no sense and risks undoing all the hard work New Zealanders have done over the last few years.

“The Government’s total tax revenue is already predicted to increase nearly $20 billion by 2022 as the economy grows before additional taxes. Surely that’s enough for the spending wish list of any reasonable Government.

“This is real money being hoovered out of the pockets of New Zealand families.

“When New Zealanders wonder who to blame when they don’t seem to be getting any reward from a strong economy - all they have to do is look at Jacinda Ardern and Grant Robertson.”

Breakdown of $2.27 billion:

· $1.152 billion for fuel excise increase.

· $218 million for GST on online goods.

· $600 million for Auckland regional fuel tax.

· $300 million for five-year bright-line extension and elimination of negative gearing.

ends

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