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

Property News

ComCom warning for property trader

A property trader, who has attracted unfavourable media attention in recent years, has received a formal warning from the Commerce Commission.

House Prices

No stopping Capital price rises

There’s no sign of a slow-down in Wellington’s property prices with Trade Me Property’s latest data showing that asking prices continue to rise solidly.


Demand challenges for commercial sector

Vacancy rates in the commercial property sector are set to increase as changing economic conditions dampen demand.


LVR loosening likely - ANZ

LVR restrictions were never meant to be a permanent feature of New Zealand’s housing market and ANZ economists argue that some further relaxing of them could soon be on the cards.

Site by PHP Developer