Everyone probably thinks National's tax cuts are great and all, but how are they planning to fund it? At the moment only Don Brash and John Key know the details for fear of word getting out if everyone in the party knew. We have to wait till Prime Minister Clark releases the election date, according to Brash.
According to Finance Minister Michael Cullen, the total cost of tax cuts are approximately and please do not quote me on this $7 billion, which is somewhere where our surplus stands. Is this really enough to afford tax cuts, and is it really wise to spend it all?
The National party believes that by cutting bureaucratic fat and unnecessary expenses, enough money will be saved to fund these tax cuts. It is obvious this won't be enough. I don't have figures to prove this yet but if anyone is willing to argue this point I'll research them.
Spending and public services won't be cut, National say, but how unsurprised I was to read in the NZ Herald this morning of how National plan to limit subsidies on doctors visits. Under the current Labour government's plans, doctors' visits which cost an average of $50 will be subsidised to $25, while prescriptions at an average cost of $15 will be subsidised to $3. You may very well see a return to full costs if National return to power.
Anyone out there who is willing to justify the feasibility of cutting taxes without cutting public services and subsidies (especially you Hyun!) please do so.
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