I gather John Key's throne speech has been delivered and is no longer embargoed. No surprises. All the stuff we already knew about. But this has me nonplussed;
My Government is today tabling a Bill to reduce personal taxes from 1 April 2009. Its intention is to pass this new tax legislation by Christmas and it believes this tax reduction will equip New Zealanders with some much needed extra cash in tough economic times.
Personal taxes will be further reduced from 1 April 2010 and from 1 April 2011. As a result, by 1 April 2011 around 80% of New Zealand taxpayers will end up paying no more than 20c in tax for every additional dollar that they earn.
Additional to what? So we could have a higher tax rate than 20 percent up to a certain threshold and then a reduction above it? Or is 20 percent the top rate target by 2011? What am I missing here?
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1 comment:
Most likely explanation is that he meant 30c, or he actually said 30c and the text is wrong.
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