Finance Minister Bill English says New Zealanders should be worried after Labour leader Phil Goff said he would look at raising tax thresholds if his party won the next election.Mr Goff said yesterday Labour would reverse any changes made to the 38c tax r
Finance Minister Bill English says New Zealanders should be worried after Labour leader Phil Goff said he would look at raising tax thresholds if his party won the next election.
Mr Goff said yesterday Labour would reverse any changes made to the 38c tax rate, which looks likely to be lowered in next month's budget, and the threshold would be higher than the current $70,000.
He said Labour would look at raising the threshold for those on low and middle incomes to avoid them being lifted up a tax bracket when their pay increases, The Dominion Post reported.
Mr English said Labour's plans were an "old-fashioned recipe of borrow and hope, tax and spend."
"Labour does not seem to recognise that the world has changed. The large budget deficits and ever-increasing debt being promoted by Phil Goff and his finance spokesman are reckless and irresponsible."
The Budget would underline the National government's credentials as a "responsible manager of worker and business taxes with a growth plan and a tax system that better rewards hard work and enterprise," Mr English said.
