Labour leader Phil Goff has warned the wealthy he's got next month's planned income tax cut in his sights – National is lining up a treat for the top earners. But Mr Goff told TV3's The Nation if he is elected, he would turn the tax cuts around to help everyone else.From TV3.
It has not even happened yet and the Labour leader is already limbering up to counter attack.
It's no secret that National are eyeing up a cut in the top income tax rate in next month's budget; the best guess says it'll go from 38 cents to 33 cents.
But it won't stay that way if Phil Goff ever becomes prime minister.
“Thirty-eight, I'm very comfortable with and I see no reason to cut the top tax rate below that.”
Recall of course that the proposed tax reduction is mostly being funded by some changes that would hit wealthy property investors. So tax cuts for the moderately rich are being paid for by tax increases on the moderately rich. Take out the first part, and we're back to soaking the rich.
I'm just glad they're seeming unlikely to be introducing a new land tax that would be added to a later Labour income tax increase....