ELECTION 2020: Labour to reintroduce 39% top tax rate

Wed, 09 Sep 2020

The Labour Party is promising to reintroduce a top income tax rate of 39 percent if it wins the Treasury benches next year. However, it will kick in when someone’s income hits $180,000, which Labour said will affect 2 percent of New Zealanders in that tax bracket. That’s expected to bring in an additional $550 million a year in tax revenue to the roughly $34.7 billion forecast tax take from income tax. Finance Minister Grant Robertson and Revenue Minister Stuart Nash announced the proposed policy in Wellington, while Prime Minister Jacind...

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