Laarrrrf my arrrrse off!
I just wish Labour had presented it more carefully, as something that would take them a few years to implement after they found out how much more revenue a crackdown would yield, rather than exposing themselves in this manner. Overpromising and relying on magical thinking benefits no-one; it just leads to disappointment and adds to the public's cynicism about politicians. And that's something Labour should be trying to avoid.
He must have learned all he knows about taxation from Yassir Arafat because according to reports of his speech today he's going to line up everybody who makes more than $100k and machine gun them to death.
Our mystery man is going to give away $1.3 billion on tax cuts to the nations welfare bludgers, dumb arses and dead beats who vote Labour and he's promised he's going to recover the same amount from Michael Cullen's 'rich pricks.'
Labour is promising the first $5000 earned will be tax free by the end of its first term in government - but those earning top dollars will pay more.
It would introduce an across the board 'tax free zone' so earners paid no tax on up to their first $5000 earnings, at an estimated cost of $1.3 billion.
Although likely to be initially introduced at a lower level, Labour would look to increase that zone to reach $5000 during its first term in government.
However, it would also introduce a new top tax rate for those earning at least six-figure salaries, although Labour had not yet decided what that would be.
Mr Goff said Labour would not pay for its tax reforms through borrowing, raising GST or selling off assets. Instead it would do so by "claiming back some of the windfall tax cuts from the very top earners".
He said the current 33 cents in the dollar was low by international standards.
Although the new top tax rate, or at what level of income it would set in, was not yet decided, Mr Goff said it would only apply to those earning at least more than $100,000 a year.
It's no bloody wonder Labour has not decided what the top tax rate will be. If you look at the IRD graph below, you will see the number of tax payers with incomes greater than $100k. A generous interpretation of the graph would have say 5,000 taxpayers at most with an average income of say $120k. It is a very very thin blue line, folks.
When you do the maths, you will see that Philly will need to apply a fat cats rich prick tax at the rate of, wait for it, drum roll...........
$13.00 for every dollar of income over $100,000.
Don't you believe me?
5000 people x $20,000 income = $100,000,000.
To raise tax revenue of 1,300,000,000 from $100,000,000 requires the tax payer to cough up $13.00 tax for every one dollar of income.
There can now be no doubt.
The only gap bigger than the one between his front teeth is the one in his brain.