New Zealand's ruling party plans higher tax for top earners if re-elected

FILE PHOTO: New Zealand's Finance Minister Grant Robertson speaks about the"wellbeing" budget in Wellington, New Zealand, May 30, 2019. REUTERS/Charlotte GreenfieldWELLINGTON: Jacinda Ardern's ruling Labour Party said it would raise taxes for top income earners if it is returned to power in the polls next month, as the government looks to pay off debt accumulated due to its COVID-19 pandemic response.

But it still puts New Zealand at the bottom third of income tax rates within OECD countries, and Robertson said the tax is lower than neighbouring Australia which has a tax rate of 47 per cent for income above A$180,000 , including a 2 per cent Medicare levy.Ardern, who leads a centre-left coalition government, is riding a wave of popularity after successfully limiting the spread of COVID-19, and is predicted to win a second term in the Oct 17 election.

The government earmarked NZ$62 billion for its COVID response plan, and has spent billions on wage subsidy schemes and other measures to protect jobs.

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