I just realised I haven’t done a graph of the tax impact of the tax swindle announced last week.
I can’t do the property tax/rent increase part but here’s the net weekly effect of the income tax changes and the GST hike. These numbers match up with those provided by Treasury.
The first 3 million (of 3.4 million) taxpayers get just $4.24 a week on average. The top 100,000 taxpayers average $105 a week.
Half of the net tax cut goes to 8% of taxpayers.
John Key (just the PM salary), $393,000:
Weekly tax cut = $242.96
Air NZ CEO Rob Fyfe (who wouldn’t give flight attendants a few more bucks an hour):
$2.5 million = $1,710.71
Telecon CEO Paul Reynolds (who has sacked 1,200 Kiwi workers and lost shareholders millions):
$7,000,000 = $4,845.44
These three men alone have incomes the same as 375 full-time minimum wage workers combined. They got tax cuts the same as 1,600 full-time minimum wage workers put together. Totally fair, eh?