Taxing times taxes Nats' timid tax-cuts
Before the Nats' lame tax-cut announcement yesterday I suggested that given the parlous economic conditions, it would be foolish indeed not to recognise the economic Charybdis ahead and to slash the Scylla of bloated state spending in response -- to realise the urgent necessity of getting the hordes of bureaucrats off our backs if for no other reason than to allow us to be productive again, not to mention the clear and present need to save everyone millions of dollars in tax so they're ready for the economic onslaught to come.
You could do all or even some of what I suggested, I said, or you could make it obvious to everyone that you're not a responsible party, that you have no idea how to respond to the world's economic crisis, that you'd be no damn different to the current bunch of thieves except in the form your election bribes take.
And we got our answer, didn't we. While headlines presaging our parlous economic future get worse by the hour, all we saw from National's John Key after years for promising sweeping tax cuts was tinkering -- or a promise just to tinker -- while they watch the world burn.
Liberty Scott summarises: The top tax rate inches down to 37% over 2 years, the bottom rate from 21% to.... 20%! The envy tax stays. The threshold for reaching the 33% rate moves up to NZ$50,000. And for low income earners, there's actually a small increase in tax.