The tax plan also included a 1.5% tax on trust assets, and an increase in the top rate of income tax from 39% to 45% paid on income over $180,000. The party hiked other income taxes too, although these are paired with income tax cuts at the lower end of the scale. The 33% tax rate would be hiked to 35%, although the threshold for paying that rate would be $75,000, rather than $70,000 as currently. The party took a leaf from National’s tax policy and hiked the other income tax thresholds, which would deliver a tax cut to people on lower incomes. The party will also hike the corporate tax rate from 28% to 33%, which is where the rate stood under the last Labour Government.

Source: New Zealand Herald June 11, 2023 00:17 UTC