Labour’s tax policy

Press, 1 May 1978, Page 16

Labour’s tax policy

Sir, — J. F. Garvey’s criticism of the last Labour Government’s policy omitted the fact that, in spite of the greatest reversal in our terms of trade since the Depression, unemployed then were only one third of the present total. We are always hearing about the big debt the Muldoon Government inherited from Labour, but never the huge export boom which netted us 50 per cent more in overseas income, also inherited from Labour. Despite this bonanza, this team of self-appointed experts now in control have borrowed more in two years than Labour did in three. They also expect to collect (on their own figures) more income tax in the last two years than Labour did in three — plus $269 million — (In the financial year just ended, $3963 per labour force member, compared with $2654 in Labour’s last year). This Tory Government has given us record borrowing, inflation, taxation and unemployed. Some economic miracle. — Yours, etc., M. T. MOORE. April 29, 1978.