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ACT’s tax cuts better for students
ACT’s tax cuts better for students
Students will be far better off with ACT’s tax policy than Labour’s loans bribe, ACT Leader Rodney Hide said today.
“Under Labour’s high tax policies, students will pay around $1.1 million in income tax over their working lives.
“ACT’s lower tax policies would slash that by more than $300,000 by letting voters keep more of their hard earned money. The amount of interest students would save under Labour’s proposal pales in comparison, to the amount of tax savings they would get during their entire working life with ACT.
“The reality is that for practically any size student loan, those graduating will be better off with ACT’s tax policy, 15 cents up to $38,000 and 25 cents after that.
The table compares the total years of repayment under current policies, Labour’s interest write-off, and ACT’s tax cuts, with tax cuts applied to loan reduction.
| |current repayment |repayment years|repayment years under| |Loan amount|(years) |under Labour |ACT
|10,000 |18 |12 |7
|15,000 |17 |11 |8
|30,000 |13 |10 |7
“Such a simple comparison shows ACT’s tax cuts are better for students than Labour’s interest write off. They put more money in graduates’ pockets and help repay loans faster,” Mr Hide said.
ENDS
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