Yay, let there be dancing and celebration in the streets. Dr Cullen will deliver tax cuts – but only in 2012 if you re-elect him for a 4th and 5th term.
In 2005 Dr Cullen promised to inflation index tax brackets every three years, starting in 2008. They then broke this election year promise this year by cancelling the tax cuts, because people complained they were not big enough.
Bur Treasury papers show Dr Cullen told Cabinet that maybe we could have tax cuts after 2011, but they would probably have to be smaller than even the chewing gum tax cuts he promised in 2005.
So the miserly promised tax cuts for 2008 are to be not only delayed at least four years, but also made even smaller. And all over a backdrop of around the second largest fiscal suurplus in the world.
I mean what can one say. Staggering.No tag for this post.