Take back ACC’s $30 billion in stolen taxes
By Mike Treen / January 20, 2018
Actually, the government could simply seize the ACC investment fund which last time I looked was over $30 billion and it would have enough money to do almost whatever it wanted. This fund was built up by taxing working people through higher and higher ACC levies over the last few decades as a prelude to the eventual privatisation of the fund.
When ACC was established there was no fund needed to cover liabilities into the future. The system was deliberately established as a “pay as you go” system which meant this year’s liabilities were paid out of this year’s income. There was no need to change to the system we have unless you planned to sell ACC. That was the plan of the National party in the past. That plan no longer exists. The fund does not need to exist. The money should be returned to the people.
So when someone says “we can’t afford it” – that is actually a lie.
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