Finance Minister Bill English. Photo / Mark Mitchell

Prime Minister John Key has defended bigger tax cuts for the wealthy, arguing that they already paid a big portion of tax.

Today's Budget includes these key points:

- The tax rate for those earning between $48,001 and $70,000 falls from 33 per cent to 30 per cent - more than was expected.

- GST increases from 12.5pc to 15pc.

- Company tax rates fall from 30pc to 28pc.

- All income tax brackets fall, with the top rate levied on income over $70,000 per year coming down from 38pc to 33pc.

Is this budget 'for the rich'? Here is the latest selection of Your Views:

1. your views
2. Frankie says
   "I am getting tired of these so-called 'poor people'. There is a massive difference between 'being poor' and 'having poor financial skills'. Fix the cause, not the outcome."
3. dee says
   "These tax cuts do not change the fact that the cost of living is escalating out of control for most New Zealanders."
4. comments

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