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This Year’s Budget Needs Band-Aids And Vision

“The Government must remain committed to a long-term vision of reducing taxes so that more New Zealanders can enjoy higher living standards in the future,” says Steve Thomas, Researcher at Maxim Institute.

“With the economy struggling, we are unlikely to see either further tax cuts or a major decrease in the social spending this year,” says Steve Thomas.

“This year’s Budget is likely to be a band-aid. It will try and plaster up the sore spots, while avoiding us sinking into further debt. But the Government must also provide a vision for what a healthy New Zealand will look like long-term. Once the crisis has passed, the Government should stay committed to tax cuts as they help individuals and businesses to be more productive. This will help the economy to thrive again,” says Steve Thomas.

“We need to lower personal and corporate taxes and raise more money through GST and property taxes, so that individuals and businesses will want to contribute to New Zealand rather than move to some other country with lower taxes.”

“Allowing people to enjoy more of the benefits of their hard work and entrepreneurialism will help raise living standards for all of us,” says Steve Thomas.

“While we can’t expect too much change from this year’s Budget, we need to make sure that along with band-aiding the current wounds, we have the foresight to work towards a vision of New Zealand as a place that values enterprise, initiative and strong civil society.”

Maxim Institute is an independent research and public policy think tank, incorporated as a charitable trust.

ENDS

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