DAVID SEYMOUR (Leader—ACT): Thank you, Mr Chair. I'm very pleased to take a call on what I believe is probably the most important single part debated in this House each year, and I want to just spell out—because I think sometimes things get rushed over a little bit here—what it means. We're debating Part 1, "Annual rates of income tax", and it says "Income tax imposed by section BB 1 (Imposition of income tax) of the Income Tax Act 2007 must, for the 2020-21 tax year,"—that's the one just about to finish on 31 March—"be paid at the basic rates specified in schedule 1 of that Act." If you are to go to the Income Tax Act 2007, Schedule 1, it says if you're a New Zealander and you earn income, you must pay 10.5 percent of that income to the IRD on everything you earn between zero and $14,000. OK, that doesn't sound too bad. Then, on every dollar from $14,001 up to $48,000 you've got to pay 17.5 percent, and then, on every dollar from $48,001 up to $70,000, you have to pay 30 percent of the income you earn to the IRD. And from $70,001 onwards, it's 33 percent—almost exactly a third of every dollar you earn gets taken off you by the IRD and put into the Treasury's coffers.