August 30, 2023
Tax breaks for wealthy and landlords in National plan
There’s no relief for low income and no income whānau in the National Party tax plans.
Leaders Chris Luxon and Nicola Willis say their election policy targets the squeezed middle households.
They say families with children, with an average income of $120,000, will be up to $250 a fortnight better off.
StatsNZ figures says the average annual household equivalised disposable income for Māori across the motu is $46,500, about 20 percent below the European rate.
Ms Willis says at that level, the income relief is around $59 a fortnight.
“They will continue to be eligible for a range of Government entitlements, including the accommodation supplement, the community services card. If they have children, they will be eligible for the family boost child care tax rebate,” Ms Willis says.
National will also restore interest deductibility for rental properties, bring the brightline test for capital gains on housing from 10 years back to two, cancel the planned 12 cents a litre fuel tax hike and remove the Auckland regional fuel tax.
It says it will fund its cuts by allowing foreign buyers back into the housing market if they pay a 15 percent foreign buyer tax on houses worth over $2 million, and moving to user pays immigration levies.