How close the government came to bringing in a wealth tax

How close the government came to bringing in a wealth tax
The government was forced to face the complexity of putting a wealth tax in place in the lead-up to the budget. (Image: Getty)
Pattrick Smellie
Government officials were working on a wealth tax package until two months before the May 18 budget, before a decision not to proceed.On the table was a package that would have introduced a tax-free threshold for all taxpayers up to their first $10,000 of income and a 1.5% tax on the value of individuals’ assets above a $5 million threshold.The tax-free threshold would have delivered every taxpayer about $20 a week.The wealth tax calculation would have excluded the family home to raise an estimated $3.4 billion in the 2024-25 tax year, ri...

More Policy

Workplace harassment complaints sent to Ombudsman as 'last resort'
Policy

Workplace harassment complaints sent to Ombudsman as 'last resort'

Protected disclosures made to the Ombudsman increased by 80% between FY2022 and FY2023.

Kaya Selby 21 Jun 2024
No new taxes, so evaders to be targeted
Policy

No new taxes, so evaders to be targeted

The revenue minister hopes to get $8 back for every $1 spent on compliance.

Jem Traylen 21 Jun 2024
Retired Wellington researcher makes waves exposing bad science
Policy

Retired Wellington researcher makes waves exposing bad science

The world is beating a path to David Bimler's door as he uncovers dodgy research.

Greg Hurrell 20 Jun 2024
Hundreds of ECE centres backtracking on pay parity
Policy

Hundreds of ECE centres backtracking on pay parity

96% of daycares have opted into pay parity, but govt funding doesn't match the costs.