90 seconds at 9am: Tax reforms predicted; JAL bankrupt; Big Citigroup loss

Bernard Hickey highlights the key news overnight in 90 seconds at 9am in association with BNZ, including news the Tax Working Group will release its report recommending tax changes later today at 1pm.

It is expected to suggest a range of taxes to broaden the tax net to include property investors. See my preview here. These could include the removal of depreciation as a taxable expense on buildings, a 'RFRM' tax on equity and a land tax. This would help pay for a cut in the top income tax rate to match the family trust rate at 33%.

Meanwhile, Japan Airlines has been declared bankrupt overnight. It will cut 15,000 jobs and 34 routes, including potentially routes from Japan to Auckland and Christchurch.

Also, Citigroup released results showing a big fourth quarter loss and an overall loss for the year. But it still managed to pay its bankers US$25 billion in pay and bonuses. Bonuses are up again across the banking sector in the US.

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News & Politics

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• Tax Working Group
• 90 at 9