Home Uncategorised Simon Bridges Submits Members Bill

Simon Bridges Submits Members Bill

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Inflation adjusted tax system

https://www.newshub.co.nz/home/politics/2019/04/national-leader-simon-bridges-submits-member-s-bill-to-link-income-tax-with-inflation.html

With no CGT to fill the 11 billion hole (and increasing daily), I cannot see the COL agreeing to this any time soon.

14 COMMENTS

    • I do not like Simon using the ‘fairness’ word or at least explain that it is not the same sort of fairness as Labour is espousing.

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      • Actually, from a strategy point of view, using your opponents’ own language against them is an excellent tactic. The CoL will be required to provide why this tax adjustment isn’t “fair”. That could potentially open a can of worms for the CoL.

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    • If the top tax rate of 33% was lifted it would make a big difference to thousands of middle-income earners. 70K is chump change these days when you are raising up kids on one income. Should be 100K or even 150K before that kicks in.

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      • It would also have the effect of lowering the amount of subsidies that are paid out.
        Much like raising the minimum wage does.
        Up go the wages and down goes the amount of things like WWF and Housing subsidy. (and you thought the COL were dumb. No they just like shiting on the poor forever.

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  1. And Soper is calling for a 47% top bracket. Reading his piece it is an amazing how he softens the CGT for Ardern, takes a swipe at National trying to spin while also calling inflation adjusted brackets a win and then suggests Labour should own this with a higher bracket Spinmeister extreme.

    “If the politicians are serious about a more equitable system they’d take the bull by the horns and introduce another bracket and raise the income level where it kicks in. Across the ditch the top tax rate’s 47 per cent once an income exceeds $188,000 a year, which is similar to the system in Britain.”

    https://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=12224694

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      • Tax is theft but is acceptable for services that only a Govt can do, ditto local govt. If the same effort was applied to cutting Govt waste, getting value for taxpayers money spent and not spending on stuff that has no value tax rates can be reduced significantly. Another useful device is accountability, start off at Ministerial Level as a pilot example – stuff up Minister and your salary is reduced by the same % as the cost of the stuff up, on this basis Ministerial salaries would pay for cancer drugs – indeed Sleeze Galloway and Twitford would become real benefactors instead of incompetent & arrogant idiots.

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        • In one of David Eddings’ (fantasy author) books the members of parliament had all their assets confiscated and sold at the start of their term. If the government increased the nations wealth, they were paid back + profit, if the nation lost they lost as well. It was an interesting concept, with far more personal accountability than current systems.

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    • Soper is playing fast and lose with Bridges’ proposal.

      It is not about the government being greedy and creating more tax brackets (ie a move back to pre 1986. Second, the UK has a top rate of tax of 45% for income over £150,000 (circa $300,000). This was introduced in 2010 by the Tory/LibDem govt initially at 50% and then reduced to 45%.

      Bridges’ proposal is to reset the tax brackets every 3 years because of fiscal drag (a problem that even Muldoon acknowledged in the 1970s – 1980s), and is a factor of inflation and wages creeping into higher tax brackets that remain constant. So what he is proposing is a matter of fairness, but what would be fairer still and address productivity of wage and salary earners is to reinstate Douglas’s tax brackets (address the levels for inflation) and get rid of WFF.

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  2. This seems a good strategy as come election time if the bill has been drawn and voted down by the COLL, National can explain to the electors how Labour policy on tax is fair with a CGT the PM still wants but not a tax band adjustment as Labour want to tax inflation on income just like they did on capital. I maintain this year will be a year of COLL delivering Strikes, Policy fails galore – Cindys anus horriblis.

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    • The Col are so devious that they will vote it in and then Simon will be left with an empty pot to sell. He should have kept this quiet till next year.

      While he is at it he could also lift the GST threshold. It has been set at $60k for almost as long as we have been paying GST. ( which for those that can’t remember was 1st of October 1986. So 33 years old. It has had one adjustment from then and that was from 50 to 60 k on 1 October 2010. 60K is not a lot to have to start doing GST. and subject thousands of small businesses to the paper work.

      Here’s a bit of history for ya’s.
      https://www.stuff.co.nz/national/politics/97459362/flashback–the-beginning-of-gst-and-radical-financial-changes-for-kiwis

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  3. I wouldn’t worry about any of this stuff ,we should be soooo proud our PM has finished her self set task of fixing NZs many problems and is now heading off to team up with Frances most unpopular leader ever to fix the rest of the planets faults,
    OMG aren’t we so privileged to living through these exciting breathtaking moments right at the cutting edge?

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    • He might be in the market for a new wife do you think. The old one must be hard work for a virile young man like him. Cindy is still single though she would be bloody hard work. No wonder the fella goes fishing.

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