Economic Policy: Tax Reform Must Be In The Budget
January 27th, 2010
The Govt is to focus this year on lifting the economy’s performance. A big part of this is centred on tax. This makes Budget 2010 one of the most crucial documents for NZ so far this century. The pressure is on the Key/English regime to come up with some incentives to get the country’s productivity up, and regain business support which has waned.
The Tax Working Group has provided plenty of solutions. What the country will now be looking for is a revamped tax system which gives people incentives to earn and businesses incentives to produce, while returning an element of fairness to the system. Setting all the top rates at 30% and lowering company tax are among other recommendations from the group.
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John Key says the Govt is open to reform, which trades personal tax cuts for taxes on investment properties. It will be magic to the ears of those who see real estate as tying up money which could be invested into the productive sector. All we have to do now is wait to see whether Aust Treasurer Ken Henry comes up with radical proposals for Aust company tax, which may sway our Govt to follow suit.
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