Superannuation
Sir, —It must be very flattering for national superannuitants to realise that under the new tax provisions they will be paying tax at a higher rate than the Prime Minister himself, notably 48c and 42c in the dollar as against Mr Lange’s 32c. By a strange twist of Labour Party philosophy, truly "for everyone that hath it shall be given and he shall have abundance.” When Mr Douglas in his first Budget implemented the surtax on national superannuation he explained that, for demographic reasons, the country would not be able to afford the scheme in the years ahead. Yet now he is finding the money to give tremendous tax remissions to those in the higher income brackets. No doubt those on the receiving end of this bounty will rejoice, and present plausible arguments that it all makes good economic “sense.” What a travesty of a Labour Government this is that holds that those on lower incomes shall be disadvantaged to further enrich the affluent. — Yours, etc., OWEN R. LEE. February 14, 1988.
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Press, 20 February 1988, Page 35
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173Superannuation Press, 20 February 1988, Page 35
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