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."
Read More - Opens in a new window
Commenting is closed
Housing confidence has been dealt a hefty blow by the Covid-19 crisis with house price expectations plummeting to new lows.
Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.
Tales of strife and problems abound in the commercial property world these days, but the impact of the Covid-19 pandemic has not been as devastating for all commercial players.
Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.