Top tax rate set to increase under Labour
Labour is still leaking out details of its proposals to clobber the economy with more taxes.
Just a two days after the Government reduced ACC levies and put more money in workers’ pockets – the tipline is hearing that Labour plans to hit those earning more than $150,000 with a top tax rate of 39 cents in the dollar.
That would raise about $220 million a year – well short of filling the hole that Labour has dug for itself with its reckless promises to spend more of other people’s money.
The problems with Labour soak the rich plans is that there are just not enough rich to soak.