Labour will scrap income tax on the first $5000 and introduce a new top rate for the highest earners under plans revealed by leader Phil Goff today.
Did we expect anything else from Liarbour? And the first $5K tax free. Especially made for all those swing voters looking for ever more handouts but do not contribute tax in any way shape or form.
would make the first $5000 of income tax-free, a policy that would be introduced in stages
Fresh from bending the native vote over a pork barrel, Philomena Gaffe, erstwhile leader of Liarbour, offers a bribe to open the offerings in an election year. Staged? Read "a carrot to bribe the electorate this year, a rich prick tax immediately upon assuming the yoke of control and maybe you will get the thirty pieces of silver tax cut in three years time...". We do know how it works.
And who will pay? Need you ask?
Goff has also targeted property investors who use losses on their portfolios to offset their income tax as part of a promised crackdown on tax avoidance, branding them "bludgers" and pledging to close the loophole.
Labour will target speculators who arrange their affairs so they can rip off the tax system and leave other taxpayers to carry the load. This kind of avoidance is bludging.
Tell you what, I'll believe it when not one Liarbour MP minimises their personal tax bill. Like owning a second or more home in a LAQC, trust or other vehicle. Just how many does Madame "Landlady" King own in Wellington?
Nothing but a bribe whilst looking for election traction.
No wonder the old dear collapsed at the thought of it all.
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The problem with introducing new paye tax rates at higher margins is that it puts them out of sync with the company tax and trust tax rates, and creates incentives to (legally) move assets whilst also generating a whole new pile of compliance costs with FBT assessments and so forth.
A single top tax rate across the board removes loopholes in ways that hundreds of additional legislative provisions fail to do.
Furthermore, what a wimpy way to set a tax free threshold - a mere 5K to be introduced in stages. You can tell he doesn't really have any great committment to tax relief for the poor, even though he supposedly thinks this is the mechanism to achieve this.
Also, why are all politicians keen to avoid setting cpi adjusted tax brackets? He's supporting the continued effect of tax increases by stealth by refusing to include automatic CPI increases, something that also makes a big difference to people's salaries.
ZT, we couldn't have automatically adjusted CPI's on tax. After all, the unwashed gets benefits automatically CPI adjusted, but how would our potential leaders such as Philomena Gaffe offer election bribes if the source of their income was also automated by legislation.
They might find themselves jobless.
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