Greens propose wealth tax to pay for guaranteed minimum income and tax cut

The Greens announced their tax policy at an event in Ponsonby on Sunday. (Image: Dileepa Fonseka/BusinessDesk)

Mon, 12 Jun 2023

The Green party wants to bring in a wealth tax and a tax on trust assets and to levy one of the highest corporate tax rates among developed countries. The taxes would pay for a guaranteed minimum income and other measures targeted at middle-to-low-income earners, including a tax-free income threshold.Proposed changes to the tax system announced on Sunday by the Green party included:A 2.5% wealth tax on net assets of over $2 million for individuals (or $4m for families).A 1.5% tax on trust assets.An income-free tax threshold of $10,000.A 45...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Already a Subscriber ? Sign in here.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Law & Regulation

NZers should all be 'concerned': Greyhound racing lawyers

A committee recommended transferring $15.8m of its assets from an incorporated society.

Gregor Thompson 5:00am

Infrastructure

Lyttelton Port Company reports record $25.2m result

The South Island port achieved the result despite a dip in container volumes.

Oliver Lewis 5:00am

Lyttelton Port Company reports record $25.2m result

Policy

Call to speed up power build using Govt tenders

Energy shortage fears are colliding with political decisions on electricity policy.

Pattrick Smellie 5:00am

Call to speed up power build using Govt tenders

Sponsored

Are employers doing enough to prepare workers to retire well?

When one third of the New Zealand workforce is aged 55 or older – are employers doing enough to help them prepare for retirement?

Moneyfit

Sponsored

Bold Steps: reshaping women’s leadership in Aotearoa

Dame Therese Walsh and Dame Joan Withers reflect on the summit’s unlikely beginnings – and how it has evolved into a platform for ambition and impact today.

OnBeingBold