Insurance agent Angus Ko Nin-ching breathed a sigh of relief when he learned of the key points - no new taxes, no tax increases, no change to existing allowances and deductions. 'That's very good news. I was preparing for some tax increases and new taxes because the Government had been hinting about the growing deficit,' said Mr Ko, 43. 'My wife and I expect to save more money this year as the economy picks up.' Mr Ko lives with his wife Simmy Ho Yin-ping, 40, and their two sons, aged 12 and five, in a 600-square-foot flat with a 20-year mortgage in Shau Kei Wan. Ms Ho owns a beauty parlour in Causeway Bay and the couple jointly make about $60,000 a month. They pay up to $20,000 a year each in salary tax. They expect to earn more as the economy picks up. They can also keep the $8,000 they save each year from the Government's mortgage interest relief and about $2,500 in child and elderly support - for Mr Ko's 86-year-old father, who does not live with them. The family will also pay lower rates for their flat as rateable values have fallen an average of seven per cent in the recent financial crisis. However, Mr Ko disputes some of the principles in the Budget, such as the narrow tax base. 'Too few of us are paying taxes. It's unfair because the rich can pay 16 per cent and still be very rich but middle-class families like us pay, for example, 14 per cent and that's a lot of money,' he said. Seventeen per cent of taxpayers contribute about 80 per cent of the total salaries tax, according to government figures.