And let's not forget corporate welfare...

Just in from the Taxpayer's Union:

• Since National took office, corporate welfare has cost taxpayers $1-1.4 billion ($600 - $800 per household) per year
• If corporate welfare was abolished, enough money would be saved to reduce the corporate tax rate from 28% to 22.5%
• If applied to personal income tax rates, the saving would allow the 30% and 33% income tax rates to be lowered to 29%
• Alternatively, the 10.5% rate (applicable to the first $14,000 of income) could be reduced to 7%.

Report can be  downloaded as a .pdf.