New Zealand Taxpayers Union released a new report approaching the tax freedom day concept from a different perspective.
Taxpayers’ Union latest report revealed that the average household pays $1.48 million in tax over a lifetime – equivalent to 15 years of earnings. Households earning more or less than the average take even longer to pay their lifetime tax bills. This new analysis shows just how heavy the burden of taxation falls on each and every family across New Zealand, pushing up the cost of living. Kiwi’s tax bills are too high – and growing because the Government has not adjusted income tax thresholds to match wage inflation. Lower taxes don’t mean cuts to services; they mean a focus on cutting out wasteful spending. Cutting down wasteful spending is key to reducing the average household’s lifetime tax bill.
Read the Total Lifetime Tax report here.