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Budget 2017: ACT’s substantial tax cut plan
Budget 2017: ACT’s substantial tax cut plan
ACT Leader David Seymour today released his party’s proposal for substantial tax cuts.
“ACT’s fundamental belief is that the Government should spend less of your money. The Government is currently forecasting fat surpluses. This excess revenue should be returned to the taxpayer that earned it.
“Our policy is far stronger than the tax bracket tinkering Steven Joyce will announce at the Budget. Our plan means higher take-home pay for every New Zealander, and nobody will pay a tax rate higher than 25 per cent.”
ACT’s tax rate changes:
| Current | ACT's Plan | |
| $0-14,000 | 10.5% | 10% |
| $14,000-48,000 | 17.5% | 15% |
| $48,000-70,000 | 30% | 25% |
| more than $70,000 | 33% | 25% |
“ACT will also cut company tax from 28% to 25%, to attract more investment to New Zealand and help local businesses grow.
“Finally, we will require the Government to continually adjust tax bracket thresholds for inflation. This will end stealth taxation via bracket creep.
“Our tax cuts are fully costed and are funded using a combination of forecasted surpluses and cuts to waste and corporate welfare. They do not require any cuts to core services like health, education, police, or infrastructure. Government debt will continue to be repaid.”
A full explainer of ACT’s plan is attached, along with David Seymour’s speech to the Corporate Taxpayers Group delivered in Auckland today. You can also calculate your savings under ACT's policy here.
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