“As Kiwi fighters tighten their belts amid a cost-of-living crisis, Grant Robertson has raked in an additional $2.68 billion in tax revenue from record inflation,” said the head of the ACT, David Seymour.
“The Government of New Zealand’s financial statements for the nine months ended March 31, 2022 show an additional $2.68 billion in tax revenue compared to the Treasury’s 2021 semi-annual economic and fiscal update (HYEFU 21 ).
“This follows tax revenue for the year to June 30, 2021 recording an additional $14 billion over the Treasury’s Pre-Election Economic and Fiscal Update (PREFU).
“Grant Robertson knows as well as anyone that if you print more money you get more back in taxes, and his ticket printers have been puffing smoke as he relentlessly printed and spent for the past two years.
“Inflation is at its highest level in 31 years and Kiwis are under pressure from all sides. The Reserve Bank has printed – and the Labor Party has borrowed and spent – tens of billions of dollars over the past two years. This money circulates in the economy and drives up the price of everything.
“ACT means real change, which would include the complete abolition of capital gains tax, giving a $2,000 tax cut to someone on the average wage, removing the tax on the urge to 39% and restoring interest deductibility.”
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