Time To Tax Wealth As Well As Work

Published: Mon 29 Jun 2020 06:24 AM
Tax Justice Aotearoa welcomes the forward-thinking in the Green Party’s Poverty Action Plan released today.
“For too long, people who work have been contributing more to our country’s future through taxation than people with large amounts of net wealth” says Louise Delany, TJA Chair.
“We congratulate the Green Party for taking on the question of how we fund a system that gets every Kiwi a decent life, with a warm home and nutritious food.”
TJA’s election manifesto recommends those who have net wealth (ie: after debt is subtracted) over $2 million should contribute 2% of this wealth to help fund a world-class health system, education, and other public services that mean we all thrive.
Alongside this, TJA recommends that the income tax structure enables those who earn more to contribute more, specifically by introducing a new top income tax bracket of 50% for people who earn over NZ$150,000 a year. Aotearoa New Zealand’s top tax rate is low in comparison with other similar countries across the world. Adding in at least one new, higher top tax rate will help New Zealand grow greater resilience to weather the Covid-19 storm, economic recession, and future challenges from global heating.
TJA also proposes greater transparency in our tax system and a lifetime wealth transfer tax to sit alongside a net wealth levy.
“The Green Party’s Poverty Action Plan makes a solid start to the conversation we need to have in Aotearoa New Zealand about our tax system and how we can get it to work for the benefit of all. TJA looks forward to other political parties’ tax policies and robust discussion about how we build a country where everyone flourishes.”

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