Election14: Parties on tax

Everyone wants money in their pocket, but how much should go to the taxman?

All parties agree we need to tax the public, but they disagree on who should be taxed, how much, and whether we should pay a little extra every time we buy food.

And while some want to cut the poor some slack, others want to see everyone paying the same amount of tax across the board.

ACT and National are looking to give tax cuts, while others propose earners bringing in less than a certain amount each year shouldn't pay tax at all.

But with the government borrowing $75 million a week, should anyone be getting a tax cut? And if they do, will others have to pay more?

WHO SHOULD BE TAXED AND AT WHAT RATE?

NATIONAL

• Tax cuts for low and middle income families of between $500-$1500 year in 2017

LABOUR

• Introduce Capital Gains Tax of 15 per cent on assets sold - apart from the family home

• Abolish secondary tax

• Increase top tax rate of 36 per cent for salaries above $150,000

GREENS

• Increase top tax rate to 40 per cent for people earning over $140,000

• First $2000 tax free to compensate for carbon tax costs that would be passed on to consumers

• Company tax rate 27 per cent

NZ FIRST

• Take GST off basic food items and rates bills

• Lower tax from 28 to 20 per cent for exporters

CONSERVATIVES

• First $20,000 tax-free, then a flat tax

MAORI PARTY

• First $25,000 tax free

• No GST on food

UNITED FUTURE

• Income sharing tax credit for couples with dependant children

ACT

• Top personal tax rate to 24 per cent

• Bring company tax rate down to 12.5 per cent by 2020

INTERNET-MANA

• Introduce a Capital Gains Tax

• Introduce a wealth tax on luxury items over and above current GST