Michael Cullen hinted today to the Finance and Expenditure Committee that Labour's promise in the last budget to increase the tax thresholds by a miserly amount, might not be implemented at all.
Labour promised back in 1999, before they were elected, that no more than 5% of taxpayers would pay the top rate of tax. Now it is over 15% do, due to income creep. There have been 7 years of inflation since that promise, yet the tax thresholds have not changed. They announced in the last budget that the thresholds were going to become inflation adjusted (for the future that is, not for the previous 6 years that they were in power), but may now be planning to renege even on that.
This is somewhat pathetic. We are already well over-taxed, and yet the government decides that it needs even more money - still strongly holding to the belief that only they know how to spend it properly.index of aphex twin folder
Labour promised back in 1999, before they were elected, that no more than 5% of taxpayers would pay the top rate of tax. Now it is over 15% do, due to income creep. There have been 7 years of inflation since that promise, yet the tax thresholds have not changed. They announced in the last budget that the thresholds were going to become inflation adjusted (for the future that is, not for the previous 6 years that they were in power), but may now be planning to renege even on that.
This is somewhat pathetic. We are already well over-taxed, and yet the government decides that it needs even more money - still strongly holding to the belief that only they know how to spend it properly.index of aphex twin folder
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index of aphex twin folder