Financial statements show additional scope for tax cuts
FINANCIAL STATEMENTS SHOW ADDITIONAL SCOPE FOR TAX CUTS
FOR IMMEDIATE RELEASE
With Core Crown tax revenue more than half a billion dollars higher than previously forecast for the three months ended 30 September 2016, there is plenty of room to give New Zealanders tax cuts, says the Taxpayers’ Union. Reacting to the Treasury release of the Financial Statements of the Government for the period, the Taxpayers' Union’s Executive Director, Jordan Williams, says:
"For nearly a decade the National-led Government has claimed to understand the economic and social benefits of lower taxes when in reality it has allowed fiscal drag - the effect of inflation increasing the average rate of marginal tax New Zealanders pay - to increase the average tax burden.”
“With so much extra money coming in, the least Bill English could do is cut tax rates back to the level the average income earner paid when Helen Clark was in power. Not only does that increase the incentive for work, it allows those struggling to mark ends meet to keep more of what they earn."