Tax up 55% under Labour

Stuff reports:

Inflation is adding significantly more to the Government’s tax take than its new top tax rate, data shows.

Inland Revenue annual reports show the tax take has increased sharply over the past five years.

In 2017, total tax revenue was $69.2 billion, of which individual taxpayers contributed $33.2b.

By the 2022 financial year, tax revenue had hit $100.6b, of which individual tax was $51.4b.

This is why greedy Governments love inflation – it pushes people up into higher tax brackets, and the tax take explodes.

Inflation-indexing the tax thresholds going forward is not a tax cut though – it simply prevents taxes from automatically ratcheting up whenever the Reserve Bank lets inflation run hot.”

This is what I want to see happen under the next Government – automatic inflation indexing of tax thresholds. Stop inflation from robbing you of more of your pay.