Hon Jim Anderton

Progressive Party leader

3 October 2008 Media Statement

In times of turmoil, help those who need help most

National has recognised what was obvious to others all along: It can’t keep its promise of $50 a week tax cuts for everyone, Progressive leader Jim Anderton says.

“Now National has admitted the government was right all along, National should also drop its pledge to impose the largest ever tax increase on business in New Zealand’s modern history. These uncertain global financial times are not the time to hit our innovative businesses with the heaviest tax increase in memory.

“National has now admitted its pledge of $50 a week for everyone was wrong. Its criticisms of the government’s tax cuts were always cynical. At the same time, our businesses also can’t afford the tax increases National is promising.

“In these times of turmoil, help should go to those who need it most. Instead of tax cuts for the most affluent, we need to look after the people who are most vulnerable and need help the most. And instead of increasing tax on business, National should be investing in innovation.

“Thank goodness we have Kiwibank so that there’s one New Zealand owned nationwide financial institution. But National want to get rid of that, too! Bill English says National will sell Kiwibank ‘eventually’.”

Increased tax on business – National’s policy:
[Source: National releases Research, Science & Technology policy, John Key 25 September 2008. http://www.national.org.nz/Article.aspx?ArticleID=28588]

- National will also reduce the size of R&D tax credit.
- Reduce the R&D tax credit to a 10% credit.
- National will wind up the Fast Forward Fund.

ENDS

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