Tax cuts for all, but rich fiddlers may not smile
By Audrey Young
4:00 AM Thursday May 20, 2010

Prime Minister John Key has confirmed that all personal tax rates will be cut in today's Budget.

He has heralded a sock-it-to-the-rich approach towards those who fiddle with their tax liability by sheltering income in trusts and companies.

And, in a bid to counter Labour's pre-emptive attack against the highest paid getting the biggest tax cuts, Mr Key is promoting it heavily as a "fairer tax system".

"We will be making sure that all New Zealanders, the wealthy included, pay their fair share," he told Parliament yesterday.

"The rich, by and large, do not pay the top personal tax rate. Really wealthy people will probably find they are paying considerably more tax as a result of the Budget ... not less."

More here.