By this time, the government had agreed not to tax the pools for pre-1941 revenue and to grant generous exemptions on taxation thereafter.

We should start with something like a generous personal exemption of $15,000 for each adult and $5,000 for each child.

In saying this, he was merely echoing the coalition agreement, which says there should be "generous exemptions for entrepreneurial business activities".

"You get more exemptions, generous exemptions."

There could be a generous personal exemption, which would substantially reduce taxes paid by low-income households.

Yet states with generous exemptions are clearly playgrounds for affluent debtors.

He would impose a flat rate of 19 percent, with generous exemptions that eliminate income taxes for a family of four earning up to $22,000.

No other economic sector - even those that directly compete with liners - benefits from such a generous exemption.

I am talking about a single digit tax on the lowest earners after a generous personal exemption along with much, much higher rates on the wealthy.