Most people lose out on Nat's tax cuts
Here's why I don't like National's tax cut package. Its a block of cheese tax cut for most workers - and the size of the block depends on how much you earn.
Someone earning $40,000 a year will get $5 a week less by April 1, 2011, a person on $30,000 will get $7 a week less and someone on $20,000 will get $9 a week less. Every family earning less than $44,000 will get less under National.
That's in 2011 just before the election after next. Most people earn less than $40,000 so although the person on the average wage gets $47k, most people get half that. Also, someone earning $52,000 can get a government subsidy of $1040 a year in KiwiSaver, someone earning $25,000 will only get $500 a year.
But there's good news, if you're retired you'll be better off with National.
Be afraid. Be very afraid. Labour's mismanagement of the economy is about to benefit the rich.
"and the size of the block depends on how much you earn."
That's because if you earn more you pay more tax. I did a post on this yesterday:
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