Government getting richer, taxpayers poorer.

hat tip: David Farrar .
Phil Rennie has an article in the Herald about his recent report on Taxation in New Zealand. It makes sobering reading. It also pours cold water on Labours spin over taxation.
Key facts are:
  • Anyone earning under $180,000 pays less personal income tax in Australia
  • The top tax rate, while low at 39%, comes in at 1.4 times the average wage – the OECD average being 5.6 times the average wage
  • New Zealanders are paying 50% more nominal tax than they did in 2000
  • personal income tax makes up only 43% of total tax revenue
  • tax as a percentage of GDP is 34.9% in NZ and 31.6% in Australia
  • tax revenue increased by $4 billion last year alone
  • long-term tax revenue forecasts are very conservative, growing $5 billion from initial forecasts
  • the current surplus is $9.4 billion in the nine months to 31 March 2006

Phil Rennie askes "Are New Zealanders paying too much tax?" The answer is undeniably YES!!!!.

 


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