Family Trusts in the spotlight for sheltering income

Thu, 21 Jan 2010 5:08p.m.

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The Prime Minister says he's not surprised that only half of the country's 100 richest families pay the top tax rate.

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24 Jan 2010 06:29a.m.

Peter wrote:

Roger Douglas got it right in 1984 when he introduced a top personal tax rate of 33%, Trust rate of 33%, Company rate of 33% and GST of 10%. We had balance and tax morality was restored after Muldoon's disatrous 66% tax rate. But successive socialist labour governments since have increased the GST to 12.5% (Caygill/Lange 1988),increased the personal tax rates to 39% (Cullen/Clarke 1999) and broken the trust that Douglas had established. They also broke the balanced tax regime. It was limp Lange's 'time for a cuppa tea' that scuttled the fair tax system and also killed tax morality amongst the rank and file (trades, small businesses, self employed etc - not the so called rich who pay most of NZ income taxes anyway despite trusts). The real rich have fled years ago (eg the Velas, the Chandlers, the Myers, Richwhites,Fays...and many more) and taken their much need investment dollars & skills with them due to an unfair and inconsistant tax system. See ya cobber

22 Jan 2010 01:13p.m.

Jan.. wrote:

Sorry Chris you are jumbing the gun here I was exampling the workers with family at ten, you go an suck an egg and wash your mouth out with soap, my household pays 33-40% tax yearly and how much to you contribute to tax yearly Chris?

22 Jan 2010 11:58a.m.

Chris wrote:

Haha, some of the above comments crack me up... for starters - Jan, maybe you should have thought about that before you had a family of 10! If you cannot afford to live within your own means don't have kids! Why should those who work there arse's off at uni and in everyday jobs have to constantly pay for those who don't, there no doubt sitting on their bums watching sky or playing xbox right now! Bring in working for the dole and limit the amount paid to families who decide that the best way to get more money out of the government is to have more kids!