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Dunne pleased by business tax call

Media statement
For immediate release
Monday, 11 February 2008

Dunne pleased by business tax call

UnitedFuture leader Peter Dunne has welcomed the call by the Business Roundtable, Federated Farmers, New Zealand Chambers of Commerce, and the New Zealand Institute of Chartered Accountants to align the top personal, business and trust tax rates at 30 cents.

The group says the cuts planned for the 2008 Budget in May should be targeted at creating wealth not at wealth redistribution.

The current top rate of personal tax is 39 percent for earnings above $60,000 while those earning above $38,000 bracket pay 33 percent.

The group estimated the Government could afford $2.5 billion in tax cuts spread over a few years by lowering increases in Government spending and borrowing for infrastructure spending.

Mr Dunne said "Bringing taxes down to 30% has long been UnitedFuture policy and I am pleased that the changes introduced in Budget 2007 following on from the Business Tax Review undertaken as part of our confidence and supply agreement with the government, have moved us half way in that direction.

"UnitedFuture is committed to completing that process, and to other meaningful tax reforms as well, which we will make public in due course.

"In the meantime, in my role as Minister of Revenue, I will be working closely with the Minister of Finance on this year's Budget tax proposals," Mr Dunne said.


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