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Growing surpluses show need for tax cuts, not a CGT


13 DECEMBER 2018

With the Government’s OBEGAL annual surplus expected to grow to $8.4 billion by 2023, the Government should campiagn on tax cuts at the 2020 election not a capital gains tax, says the New Zealand Taxpayers’ Union in response to the Half Year Economic and Fiscal Update.

Taxpayers’ Union Economist Joe Ascroft says “Surpluses are expected to slowly grow in coming years and based on current forecasts the Government will meet its commitment to reduce debt to less than 20% of GDP by 2022. There’s plenty of room for income tax cuts for New Zealanders.”

“By the time of the next election it will have been a decade since New Zealanders received an income tax cut. Instead of campaigning on a capital gains tax and squeezing taxpayers more, the Government should commit to tax cuts.”

ENDS

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