We watched a rather soft inteview of Garet Morgan on Breakfast this morning. The "well-known economist" was, of course a member of the Tax Working Group, which reported its findings yesterday. It was pretty apparent from Morgan's comments that he was a dissenter to the overall report, which he scored at 4/10.
But did we hear Gareth Morgan correctly? Did he REALLY opine that the top tax rate for companies, trusts and individuals should be a staggering 45%?
Such a decision would be catastrophic to New Zealand. The tax system is already discriminatory towards those on higher incomes, thanks to Michael Cullen's post-1999 meddling. And in describing Working For Families as "ubiquitous" Morgan may have inadvertently fingered the real problem. Thanks to WFF, many lower income families pay little if any tax after their WFF credits. The wants and needs of everyone are paid for by the labours of a much smaller number. And unfortunately, WFF is now so entrenched that it will be difficult to wind back.
But a 45% top tax rate Gareth? Thank goodness that you were but a voice in the wilderness!
5 comments:
WWF is exactly the problem. I run a small business and last year our WWF payment was more than we paid for both company and personal tax.
Get rid of it. FFS when we decided to have kids WE decided to take on the financial responsibility of raising them. Please can National have some guts and repeal this odious piece of legislation, reduce the beaurocrats and tax us less, we will be better off in the long run.
I have never been a Gareth Morgan fan - he leans as far to the left as McCartin and co.
I wonder why another report on tax was solicited. There was a Tax Reform Review carried out some years ago (1992 perhaps) by Rob (I think) McLeod. It is gathering dust somewhere as successive governments ignore it.
Bill and John should dig it up and implement a large proportion of those recommendations.
Didn't Key say WFF was "socialism by stealth" during the election campaing?
But, he doesn't have the balls to dismatle it!
The PM is so pathetic and weak that I feel sorry for NZ.
By thwe way since when has Stuart Nash been Labours finance spokesperson. I see he has a post, which I am banned by Mallard, from commenting on, at Red Alert
Is Cunliffe on the outer?
Aside from loaning his son some money to start TradeMe, writing a con job of a book and heading up the worst performing KiwiSaver investment fund, why does anyone talk to Gareth?
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