KEY POINTS:
Finance Minister Michael Cullen says his tax cut programme to be announced next year will not give the most benefit to high income earners.
Asked in Parliament by ACT MP Heather Roy if he had a "secret agenda" to restore the top tax thresholds relativity to 1999 levels Dr Cullen replied: "If it was a secret agenda, I can neither confirm nor deny.
"What I can confirm... is that the Government will be announcing its long-term programme around taxation well before the election next year," Dr Cullen said.
"But I wouldn't hold her breath (hoping) that the largest gains going to herself and a few others."
Dr Cullen said to ensure only 5 percent of income earners fell into the top tax bracket of 39 cents, it would be necessary to raise the threshold to $79,000.
When the top rate was set at $60,000 in 1999 it covered only 5 percent of income earners, it now covered 10.6 percent, he said.
To lift the threshold to $79,000 would cost $273 million.
- NZPA