Twenty-four hours later, Labour were forced into an embarrassing tax U-turn, announcing any future taxes, including a capital gains tax and inheritance tax, which Labour had refused to be drawn on, would be deferred until after the 2020 election.
Today National has relaunched a tweaked version of that ad, with a new voiceover again pointing the red arrow at the same taxes.
Speaking on Wednesday, after National launched their first version of today's ad, Jacinda Ardern said the National ad campaign was blatant "scaremongering".
"I will run an open, relentlessly positive campaign but they need to start running an honest one," Ms Ardern told 1 NEWS.
At the time, she also dismissed suggestions her strong reaction to National's ad campaign was to do with the previous night's Newshub poll which had National 10 points ahead of Labour.
"It's to do with the ads, the ongoing lies the mis-truth and the desperation," she said.
"We've already ruled out a number of taxes that they [National] continue to claim we'll introduce.
"In the ad they released today they claimed we were increasing income tax. That is patently incorrect."
Labour finance spokesperson Grant Robertson reiterated yesterday that Labour would not be increasing income taxes.