Release: Gaping hole confirmed in National’s tax plan

A whopping $2.1 billion dollar hole has been confirmed in National’s tax scheme in a new report released today.

“Christopher Luxon’s sorry excuse for a tax plan is now officially dead in the water,” Grant Robertson said.

“Three independent economists have released detailed analysis of National’s plans to tax foreign buyers to fund their tax cuts and found it doesn’t add up.

“They found at best, National’s plan would raise $210 million a year, well short of the $740 million need to make it stack up. That is a staggering shortfall of more than half a billion dollars every year.”

Today’s report comes after numerous other experts have said the plan simply does not add up and follows revelations that John Key received advice when he was Prime Minister that the scheme couldn’t be done, and that Treasury had said in 2019 such a plan would push up house prices.

“National’s economic credibility is in tatters. It has pitched its dodgy plan to voters as fully funded but it’s now clear Christopher Luxon and Nicola Willis actually have no idea how their party is going to pay for its tax cuts. If
National wants to press on it will have to make huge cuts to the public services that Kiwis rely on,” Grant Robertson said.

“This is simply not good enough, National must come clean with New Zealanders and release its secret costings immediately. Christopher Luxon knows he’s wrong but is hiding the figures, he is not being honest with voters.

“It has been more than two weeks now since the tax scheme was released and still the costings remain stashed away somewhere, if they exist at all. Meanwhile National is asserting it’s okay and demanding Kiwis just trust them.

“To all the people out there who have wondered about Christopher Luxon’s business abilities - make no mistake, you’d never get away with running a business like this - hiding your figures and avoiding the hard questions.

“Running a country is vastly different to running a company. You need to be honest with New Zealanders about how you are going to pay for your promises – Labour is and it’s time for National to front up,” Grant Robertson said.