Friday, April 09, 2004
Adjusting tax brackets for inflation
Gordon Copeland is a United Future MP (you could be forgiven for not knowing). He is campaigning for tax brackets to be adjusted for inflation, on this occasion, the 'common sense' party is sounding like just that;
"The OBERAC for the seven months ended 29 February 2004 is actually $740 million above forecast, so the plain and substantial fact is that the Government could adjust the income brackets for inflation, boost family incomes by $620 million, and still find itself about $120 million ahead of forecast."Nice work Gordon. This dove tails nicely onto one of Preb's hobby horses - the number of people in the top tax bracket. Even if this was implemented - the number of people in the top tax bracket would still be well above what Labour was promising before the last election.
Mr Copeland calculates that the CPI adjustment would result in a tax cut of $1.65 per week for those earning below $43,300, $14.52 per week for those earning below $68,400 and $23.23 per week for those earning over $68,400.
My Right might do some train spotting this weekend do some numbers.
Scoop: Copeland continues fight for fairer tax treatment
