Amongst the masses of information Labour did make available on their website, there was one document they did not put up. It was in the media pack, but not on their website. It was the table showing what impact on the deficit (and hence debt) Labour's tax package would have each year. According to their own numbers (which are debatable), the impact on Government finances in their first term of office would be:
* 2012/13 - $122m extra revenue
* 2013/14 - $384m less revenue
* 2014/15 - $648m less revenue
* 1st term - $910 less revenue
Now does it get better if Labour won a second term?
* 2015/16 - $466m less revenue
* 2016/17 - $283m less revenue
* 2017/18 - $127m less revenue
* 2nd term - $876 less revenue
So even under Labour's forecasting, Labour would run bigger deficits and debts for their first two terms of office (if elected).
That's right Dear Readers. Labour's own figures forecast a deficit in revenue of $1.86 billion in the first SIX YEARS of a future Labour Government.that's a long way away from the $4.5 billion per annum cash cow that Labour boldly leaked to the media ten days ago!
But wait; there's more - the Emperor Penguin of the Blogosphere (another term of endearment Robert) continues (with our emphasis added):
The numbers are even worse than that though. Labour have just invented numbers for how much extra tax they will get with anti-avoidance measures. This is not based on any actual policy or costing. Considering Labour is proposing to have a massive 11 cent difference between the top personal tax rate and the company tax rate, I believe the far more likely scenario is greater tax avoidance, not less.
If you remove the made up number for reducing tax avoidance, then that adds an $1.22 billion to the deficit over the first two terms. So the total revenue difference could be as much as $3 billion.
So at a time when New Zealand has the highest deficit in its history, and Governments overseas are defaulting on their debt, it is a strange time to announce a policy of borrowing for tax cuts.
Oh dear; we have a new mantra. Labour is borrowing for tax cuts! Isn't irony a wonderful thing? Little wonder that Labour doesn't trust us with the detail. And al the while, the Labour spin machine is in overdrive. But that's another story for another post...
14 comments:
You quote from Farrar and expect us to take you seriously?
David Farrar - as balanced as a pear on a string.
And my last comment here for today -
You sound like a chicken about to lose it's head Inv2 skwark! skwark! skwaaaaaaarrrrrrrrkkkkkkkk!!!!!!
Relax.
Let it was over you.
There's nothing you can do now.
Oh woe is the Right
The noose is now tight
skraaaaaawwwwwwwwwkkkkkkk!!!!!!!!!
That's right Robert: Shoot the messenger.
Farrar is absolutely on to this. I have had the advantage of reading the media pack and it is all there in Labour's OWN papers. Labour are being their usual devious selves...surprised?
Cadwallader
Well said Cadwallader. Shooting the messenger is all the Left has left, because the message is that Labour will have to borrow to fund tax cuts FOR AT LEAST SIX YEARS.
And what's with the obsession with chickens Robert? And Farrar at least is open about his political stripes, unlike most of the MSM.
IV2, at HP this morning a contributor named "Ross" has posted with balanced dispassion in response to Ele's post about economic growth. RG is at his pointlessly abusive worst. I recommend the HP debate this morning.
Cadwallader
Roberts view are Roberts views.
What surprises me is that he holds elected office. The voters of southland must have .looking the other way when he sneaked onto the candidates sheet.
He offers little in the way to debate preferring instead just be a troll.
Thanks for the heads-up Cadwallader; will check it out.
Alex; you make a strong case!
I guess the good people of Riverton see a skinny guy who rides a bike, has a short cropped beard, wears braces and poos on his vegies and has every copy of the Good Life TV show and think, he is a nice bloke, lets vote for him .. little do they know that he hates christians and anybody who don't think his way.
Oh, "hate" is a strong word Jabba. I think it's more a case of Robert being a control freak, and being unwilling to take the leap of faith the Christians do. He thinks he's right about everything, and fears finding out that he might not be. But that's cool; God loves him anyway!
So Bill English thinks the super-rich should pay taxes!
That's
Nice
Bill.
Nothing wrong with that, says Bill, they shouldn't be expected to pay tax, after all, they're super rich!
You should though, Mr and Mrs Ordinary New Zealander, oh yes! No free ride for you! Only the super-rich get to enjoy that privilege!
English just handed Labour a fresh club with which they can beat the Tories to a pulp.
Truth will out Mr English and today, it did!
Correction:
Bill English says the super-rich SHOULDN'T pay taxes. A good tax-paying Greenie like me couildn't even write the words, let alone declare them blatantly on television, the way English did today!
And now you clowns will accuse me of shooting the messenger!
Ha ha ha ha ha ha!
Well yes, Bill delivered his own message, so I suppose you are right!
Come on out and defend your man, lads.
I'm waiting!
Look! Over there!!
Nice try Robert, but it's LABOUR'S policy that is under the microscope today; after all; you were SO looking forward to its release!
Come on Inv2, don't be a chicken!
You are frightened to debate Bill's statement with me, I understand that but come on man, grow a pair!
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