Bludging is rampant in NZ society.
But it is corporate bludging that is most outrageous.
And it is costing us a pretty penny. The Taxpayers’ Union has released a new report into corporate welfare and bludging.
The Taxpayers‚Äô Union has launched new a report,¬†Monopoly Money, which examines the cost and case for New Zealand‚Äôs extensive corporate welfare programmes. The report follows¬†recent comments by TradeMe founder Sam Morgan, who questioned the Government‚Äôs corporate welfare programme, despite having been involved in¬†companies that have received grants in the past.
The report, which examines the cost of corporate welfare examines government spending since the¬†2007/2008 budget, shows:
- Since National took office, corporate welfare has cost¬†taxpayers¬†$1-1.4 billion ($600 – $800 per household)¬†per year
- If corporate welfare was abolished, enough money would be saved to reduce the corporate tax rate from 28% to 22.5%
- If applied to personal income tax rates, the saving would allow the 30% and 33% income tax rates to be lowered to 29%
- Alternatively, the 10.5% rate (applicable to the first $14,000 of income) could be reduced to 7%. ¬†¬† Read more »