“The ongoing Cost of Living Payment saga shows the Government should have taken a better approach to helping New Zealanders through the cost of living crisis and just cut taxes,” says ACT Leader David Seymour.
“The ongoing Cost of Living Payment saga shows the Government should have taken a better approach to helping New Zealanders through the cost of living crisis and just cut taxes,” says ACT Leader David Seymour.
“It’s easy to criticise government, but coming up with positive solutions is what New Zealanders want and ACT is the only political party to have a fully costed alternative budget that gives New Zealanders tax relief and cuts wasteful government spending.
“We all know the Cost of Living payment was a mess. We all know it was done as a desperate, last minute attempt to help New Zealanders with the cost of living crisis and we all know that Labour dumping these documents on a Friday afternoon is cynical politics.
“ACT would reduce the middle income tax rate down from 30c to 17.5c in the first year. A Nurse with one child, for example, earning $70,000 would receive around $2,300 in tax relief.
“People earning between $2,000 and $48,000 will get a Low and Middle Income Tax Offset of up to $800 that offsets the additional $980 in income tax. They will also receive an additional $253 in carbon tax refunds for every person in their household, leaving them better off overall. ACT’s tax swap leaves everybody better off.
“Subsequent further tax cuts, reducing the 33 per cent rate to align with the Company Tax Rate of 28 per cent, would be implemented as soon as inflationary and fiscal conditions permit. Implementing them in Financial Year 2023/24 would allow a Government following ACT’s budget to return to Surplus by 2024/25 on current forecasts.
“While Grant Robertson thinks letting Kiwis keep more of their money is crazy, ACT thinks it is essential. ACT is campaigning for real change and positive solutions.”