Michael Cullen Raises Possibility Of Tax Cuts For Low Income Earners
In its official six-monthly fiscal and economic update, the New Zealand government
has forecast rising surpluses over the coming few years, a situation which led
Finance Minister, Michael Cullen to hint on Thursday that tax cuts for the country's
low income earners may be on the cards. According to the Reuters news service, the government figures projected a surplus
of NZ$3.5 billion in the year ending June 2003, rising to NZ$4.5 billion by
June 2004, and NZ$5.2 billion the year after that. Mr Cullen was keen to quash rumours of across the board or corporate tax cuts,
announcing that: 'I don't anticipate any great movement in basic rates, the
priority is those low income earners.' That said, however, he refused to commit the government to any tax breaks ahead
of time, urging New Zealand's taxpayers and advisers to 'wait and see if the
outcomes are as good as the forecasts'. .
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