Tax on higher incomes to pay for recovery

Tax changes and incomes becomes the focus of the election campaign today, with Labour unveiling changes for a new top rate of 39 percent on income earned above $180,000.

The extra revenue estimated at $550 million a year would be used to protect health and education, control debt, and support the recovery plan.

It also promised to close loopholes so multi-national corporations pay their fair share of tax.

Finance spokesperson Grant Robertson says the tax change would affect fewer than 2 percent of New Zealanders.

In Australia income over $180,000 is taxed at 47 percent.

Meanwhile the Māori Party says the minimum wage should be listed to $25 an hour, and benefit levels should be doubled.

Co-leader Debbie Ngarewa-Packer says her party’s proposals would also address Māori pay equity.

She says Māori are contending with a low-wage economy which is increasingly comprised of insecure jobs with no guarantee of hours and pay.

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