Viewport width =
May 22, 2016 | by  | in News |
Share on FacebookShare on Google+Pin on PinterestTweet about this on Twitter

More tax cuts for rich people

Prime Minister John Key is planning on facilitating “$3 billion, I reckon” in tax cuts as part of the National Party’s next election campaign.

Key added that tax thresholds might increase to accommodate for the rising average income.

The Labour Party are opposing this move, with Wellington Central MP Grant Robertson saying the money would be better spent in areas such as housing, the health system, and education.

According to Robertson, the Treasury reports there will likely be a $1 billion surplus in 2018, not enough for National to afford the kind of cuts they are advertising.

Andrew Little called the proposed cuts “a reckless approach” and an election bribe.

Despite this, Robertson said Labour also had policy that would see them adjusting tax brackets due to inflation.

ACT Party lone-ranger David Seymour weighed in on the proposed policy, saying that even if National made the cuts, it would barely compensate for the more than $2 billion lost in “bracket creep” in the eight years since tax brackets were adjusted.

The last time NZ saw tax cuts was in 2010 when National increased GST from 12.5% to 15% to compensate.

NZ is currently more than $115 billion in debt.

 

Share on FacebookShare on Google+Pin on PinterestTweet about this on Twitter

About the Author ()

Add Comment

You must be logged in to post a comment.

Recent posts

  1. Freedom of Speech
  2. Dark Objects
  3. Better Living (Wage) Everyone
  4. Presidential Address
  5. A Mental Health Crisis Among NZ University Students?
  6. Women in Action
  7. Disenchanted Prophets — Matakite Matekiri
  8. Super Science Trends
  9. VIC UFO
  10. Te Ara Tauira
badgirl

Editor's Pick

NOTE TO SELF: HOW TO WIN AT THE ART GAME AND STAY IN YOUR LANE

: - SPONSORED - Written by NZ’s #1 art world bad girl   The art world is a game. It is a game Have you trained? Are you ready to run the race? Do you own New Balances or Nike Frees? You have to be comfortable, because it’ll take decades to run the race and get [&hellip