Sunday, 18 July 2021

Labour preparing another tax grab


“Instead of creating the conditions for wealth, Labour is once again finding new ways to take it,” says ACT Leader David Seymour.

“The Government has given Inland Revenue $5 million to assess the wealth of high-wealth individuals. Labour is clearly gearing up for an inheritance tax.

“A better way to fight inequality would be if kids were going to school and infrastructure was being built so there is opportunity.

“Instead, we have a Government more interested in redistributing wealth than allowing the opportunities to create it.

“An inheritance tax is an accountant’s dream and won’t hurt the prospects of the 4200 and counting tax collectors at Inland Revenue either.

“The real losers will be the middle class, who face a more complex envy driven tax system that raises little extra revenue.

“Everything this Labour Government does is either about taxing and redistributing or dividing us against each other. There is a better way, as ACT has shown with our alternative budget.

“We would cut the 30 percent marginal tax rate to 17.5 percent. We will reverse the 39 percent tax rate and we will reverse the Government’s interest deductibility change.

"Under our plan the average earner would get between $1286 and $2107 in their pocket a year from tax cuts.

“ACT will continue to fight for middle New Zealand, the battlers being squeezed from every direction by this Government.”