Originally Posted by
Balance
I have yet to meet a single person who ever paid Muldoon’s 66% tax rate. Anyone earning income in that tax bracket had a multitude of ways to not only reduce their tax but to not pay tax at all by using a tax specialist.
There were tax avoidance schemes, tax loopholes and tax incentives back in those days for Africa! Only a mug paid much by way of tax because tax accountants & lawyers put together tax minimisation schemes in farming, movies, new industries, forestry, airplanes, heavy machineries and just about anything possible. Then there were double dip tax deductions, preference shares to transfer tax losses from one entity to another and the list just went on and on.
Took Roger Douglas and Lange’s government to completely revamp the tax system and introduced GST.