Wednesday, May 19, 2010

Today is budget day in New Zealand

Assorted international currency notes.Image via Wikipedia
Today is budget day in New Zealand...

Today is budget day in New Zealand. An increase in GST from 12.5% to 15% and a reduction in company and income tax. But what will it mean to Kiwis and their families? Will the tax cuts compensate for the increase in GST? Still no exemptions there though.

We will learn about the benefits, if any, over the next few hours, days and weeks. We will find out in due course as the experts dissect the budget and discuss just what it really means. Benefits for the rich the opposition party has already claimed. But it doesn't look like a Robin Hood budget to me though.  The tax increases on cigarettes of about 30% over 18 months will hurt the poor more than John Key's supporters.

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