Election 2017 - Party Policies - Tax - Income Tax
27th May 17, 9:11am
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Income Tax
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- Reduce the income tax rate for those earning $14,000 or less to 10%.
- Reduce the income tax rate for those earning between $14,001 and $48,000 to 15%.
- Reduce the income tax rate for those earning $48,001 or more to 25%.
- End fiscal creep by requiring the Government to regularly adjust tax brackets for inflation.
- Read more here.
- Reduce the bottom tax rate on income up to $14,000 from 10.5% to 9%.
- Raise the top tax rate to 40 percent on income over $150,000.
- Read more here.
- Reverse National's proposed package of future tax cuts that would cost $2 billion per annum and see $400 million go to the top 10% of the earners.
- Not proposing any changes to current personal income or corporate tax rates.
- Abolish secondary tax as it denies many New Zealanders access to wages they need to make ends meet.
- The Government will ensure a progressive taxation system that is fair, balanced, and promotes the long-term sustainability and productivity of the economy.
- Read more here.
Not yet available on their website.
- The Famiy Incomes Package will increase the $14,000 income tax threshold to $22,000, and the $48,000 tax threshold to $52,000.
- Removing the Independent Earner Tax Credit of up to $10 a week.
- Tax threshold changes mean someone on the average wage will gain an extra $1060 per week from 1 April next year. In total, 1.3 million families will benefit by an average of $1350 per year.
- Won’t raise income taxes.
- Read more here and here.
- Establish automatic inflation adjustment for PAYE tax thresholds to end ‘bracket creep.’
- Remove secondary tax for workers with more than one job.
- Initiate a review into the double-taxation of ‘tax like’ instruments.
- Read more here.
- We would introduce income sharing for couples with dependent children, to reflect the fact that the family is generally the economic unit and not an individual earner in a family.
- Income Sharing means that, for tax purposes, the income of both parents is combined and then divided equally.
- Allow couples with dependant children under 18 to split income equally between partners for tax purposes.
- Recognise contribution of parents who spend all or part of their time at home with children.
- Income Sharing will give couples with children the option of having a parent work fewer or more flexible hours, be at home raising their children, and able to retain more of their combined after-tax income.
- Under our progressive taxation system this would result in a reduction in combined income tax paid where there is a significant difference in income between partners.
- Read more here and here.
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