Terry Baucher: Tax expert says tax brackets have not changed in more than a decade and action is needed urgently
Early Edition with Ryan Bridge · Newstalk ZB
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Show Notes
The Government is rejecting calls to review tax brackets amid rising inflation.
New Zealand’s marginal tax rate system means higher rates of tax are applied as someone earns more income.
Stats NZ data shows median weekly earnings increased 8.8 percent in the year to the June quarter, the biggest jump since records began.
Tax expert Terry Baucher says told Kate Hawkesby tax brackets have not changed in more than a decade and action is needed urgently.
He says people are being squeezed as their incomes rise rapidly, alongside their tax brackets.
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