“Today’s Taxpayers’ Union Curia Poll shows that Kiwis are overtaxed and want real change in our tax system, they will be pleased to know that ACT is the party proposing exactly that,” says ACT Leader David Seymour.
“Today’s Taxpayers’ Union Curia Poll shows that Kiwis are overtaxed and want real change in our tax system, they will be pleased to know that ACT is the party proposing exactly that,” says ACT Leader David Seymour.
“The poll shows that a majority of respondents want tax cuts, and a majority of respondents know that out of control Government spending is driving inflation and want it to be reduced.
“ACT has the solutions. We are the only party that has released a fully costed Alternative Budget that reduces spending and cuts taxes. With ACT’s plan we could reduce spending without touching any frontline service and deliver significant tax cuts to middle income New Zealanders.
“By reducing 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.
“Everyone is better off with these changes.
“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.
“We’re upfront about how we would reduce expenditures so we can be bold in how we lower taxes. ACT’s Alternative Budget shows how we can reduce government spending by $7.2 billion with measures including an end to corporate welfare and returning the number of bureaucrats to the the 47,000 Labour inherited.
“This is what Kiwis want and deserve, a simple, fair and competitive tax system that allows them to keep more of their money and provide them with more opportunities to get ahead in life.
“Tax cuts are not only possible, they are essential if New Zealand is going to break out of its post-COVID funk and become competitive in a world crying out for investment and talent.
“It seems that most Kiwis agree with ACT on this.”