The tax swindle, visualised

Marty G
14 years ago
Categories: budget 2010, class war, tax

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 1.2 million taxpayers get less than a dollar a week. A full-time minimum wage worker gets $4.12 a week.

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.

I’ve cut it off at $250,000 but here’s a selection of the net tax cuts for incomes above that:

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?