No tax joy for the rich

Sunday 23 May 2004

Businesses and the rich can forget a tax cut for the foreseable future while the purse strings are in Finance Minister Michael Cullen's hands. He simply sees no case for it.

By The Landlord

"If anything, my view has strengthened that (a corporate tax cut) is not the big issue which will drive stronger growth. I think there is no evidence it's true at all," Dr Cullen told The Dominion Post yesterday after Opposition calls for him to use record surpluses to lower business taxes.

He also ruled out cuts to the top personal tax rates, the highest of which is 39 cents in the dollar on income above $60,000 a year.

"It's not on the agenda at this point. As the Budget will make clear, there is not room for substantial revenue reductions in the foreseable future. I think we always are going to have other priorities both in the business sector and in terms of . . . individual rates."

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