Socred tax policy
An article on the taxation policies of the three main parties in “The Press” on Thursday omitted to give details of Social Credit’s income tax policy. The article said, correctly, that the party’s manifesto promised an initial tax-free allowance and a flat rate of tax for income above that level. A third level of tax would be imposed on expenditure of unsaved income above an amount fixed at 1.5 times the average wage. As the article said, these levels of taxation have not
been stated in the Social Credit manifesto. The party has announced the tax rates separately. The minimum non-taxablc income would be set above the maximum benefit rate, at $34.32. After that a 28 per cent flat rate of tax would apply. A further 28 per cent flat rate would be payable on spending of more than $lB,OOO in one tax year. This luxury expenditure tax would not apply to certain nontaxable items such as a first home or a farm.
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Press, 23 November 1981, Page 23
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166Socred tax policy Press, 23 November 1981, Page 23
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