READER REPORT:

Can you fix the economy? Yep, in 10 steps

PETER SEFTON
Last updated 12:30 11/10/2012
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NZ INC: The death rate of small to medium businesses in New Zealand is a national tragedy.

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We asked you how to fix the economy and were flooded with responses. We'll be running these in the coming days. To contribute to the debate hit the green button below.

My 10 ways to a better, fairer society:

1. Require trading banks and any other organisations making foreign currency transfers to pay a 3 per cent levy on all money transferred out of NZ.

2. Provide for a liveable minimum income for each person or family to ensure everyone in New Zealand is able to live with dignity. We don't need a deprived underclass in this country.

3. Reinstate progressive taxation up to 49 pre cent on higher earnings, with the first $10,000 of income being tax free so: Up to $10,000 = Nil; $10,001 to $50,000 = 20 per cent; $50,001 to $150,000 = 30 per cent; $150,001 to $300,000 = 45 per cent; $300,001 upward = 49 per cent. Index these income tests to CPI. Tax trusts as if they were individuals.

4. Abolish Working For Families.

5. Require all house mortgage lenders to limit loans to 85 per cent of registered valuations.

6. Require every business with turnover of $50 million or more to be listed on the NZ share market. This includes trading banks and any other overseas owned enterprise operating in NZ.

7. Tax all companies including farm companies on turnover not profit. One per cent should be sufficient with an exemption for foreign currency received.

8. Abolish charity status for all religious organisations.

9. Require that local Councils and COOs must not increase rates and other services such as water etc beyond CPI.

10. Require by law that Government budgets balance the books annually, so that current-year Government revenue and non-capital Government expenses equalise.


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