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Source: Taxpayers Union

26 MARCH 2021FOR IMMEDIATE RELEASEThe New Zealand Taxpayers’ Union is calling on the Government to cut taxes to offset new revenue from its changes to taxation on housing. Union spokesman Louis Houlbrooke says, “Grant Robertson promised not to extend the bright line test. Now he’s done exactly that, and removed interest deductibility for housing investments. The result of this broken promise is an extra $500 million to $1 billion in unforcast tax revenue.” “These tax changes have been sold to New Zealanders as a tool to rebalance the housing market – not as a revenue gathering exercise. So why is Grant Robertson keeping the extra revenue?” “He should commit now to returning his small windfall to taxpayers at this year’s Budget. New Zealanders trying to bounce back from the financial hit of COVID-19 would welcome a reduction in income tax, fuel tax, or company tax.”