Is that it? Will most Pacific Islanders still not realise it is an election year?
Michael Cullen today announced a three-year tax cutting package, with workers on the average $45,000 wage taking home an extra $16 a week from October - the price of a movie ticket.
The first stage would see the new 12.5% rate apply on income up to $14,000 from October 1, rising to $17,500 on April 1, 2010. The 33% threshold would rise to $40,000 from October 1, and the top threshold to $70,000.
Will that make me vote Labour? Not likely. On the April 09 figures, I`d get more than three times as much as much of an increase through WFF if I had another child. And, the price of chewing gum has increased...
For those on the top tax rate, it doesn't even compensate for inflation since 2000. The 33% threshold has been raised from 38,000 to 48,000. This 33% threshold has been adjusted to about what it should be if the threshold had been inflation adjusted.
It's crumbs today, jam lightly spread in two years time. Cullen will be toast in November.
Here's the pathetic pittance you get (thanks to DPF).
And if you want to be more specific with your own income try this calculator. It calculates your current tax and your increases over the various stages.
Labels: Budget 08