Wednesday, July 13, 2011

A new top rate?

The Dominion-Post reports on Labour's worst-kept secret: its plans to reintroduce a top tax-rate. Phil Goff had hinted at this in his speech to the Labour Party Congress back in May, and hopefully tomorrow we'll see some details. But if its the expected 39% on income over $120,000 a year, it would raise just over $400 million a year - a nice contribution by the rich to paying for the crisis they created, as well as a check on rising inequality.