INDEPENDENT NEWS

"Robin Hood tax and other clever ways to help our kids"

Published: Fri 29 Aug 2014 02:55 PM
Income Equality Aotearoa New Zealand Inc. Closing the Gap
MEDIA RELEASE: 28th AUGUST 2014
“Robin Hood tax and other clever ways to help our kids”
It’s time to talk about tax. Not just income tax but other kinds of tax too.
It’s time to talk about Capital Gains Tax, inheritance tax and the financial transactions tax. It’s time to get serious about tax evasion.
These are concrete, clever ways to make an immediate difference in the lives of our children.
New Zealand is a low-tax economy. Our low-tax rates, our “missing” taxes, and massive unpaid tax bills intensify the gap between rich and poor.
This week, the media described the Greens’ 40% top tax rate announcement as a Robin Hood tax. Around the world, the financial transactions tax is also likened to Robin Hood.
But who is stealing from who, when up to $6 billion of tax avoidance every year means there’s not enough money in our wallet to fund the economic, health, housing, educational and social initiatives that would benefit the entire nation?
There is no hard evidence that higher tax rates harm the economy. In fact, evidence points to the opposite: increased government spending stimulates the economy. Nobel Prize winning economist Joseph Stiglitz recommends a top marginal tax rate of 70%. That puts our current top tax rate of 33% into perspective.
A financial transactions tax is being implemented in a number of European countries, but has yet to be implemented here. This, among a raft of other policy choices, is a serious tax option for all parties to consider. Let’s use our taxation system to reduce inequality in New Zealand, not to exacerbate it.
ENDS

Next in New Zealand politics

Proposed Hate Speech Laws A Step Too Far
By: New Zealand National Party
Government To Phase Out Live Exports By Sea
By: New Zealand Government
New Zealand’s New Housing Policy Is Really Just A New Tax Package — And It’s A Shambles
By: The Conversation
ACC’s Policy Of Not Covering Birth Injuries Is One More Sign The System Is Overdue For Reform
By: The Conversation
Police Accept Findings Of IPCA Report Into Photographs Taken At Checkpoint
By: New Zealand Police
Drug-testing Law To Be Made Permanent
By: New Zealand Government
Minister Must Tell Us If He's Parked Hate Speech Laws, Or Not
By: ACT New Zealand
Emotive Live Export Ban A Kick In The Guts
By: ACT New Zealand
World Leading Live Export Ban Means Thousands Of Animals Will No Longer Suffer Overseas
By: SAFE NZ
Feds: Live Export Ban 'surprising'
By: Federated Farmers
Photographs Taken At Police Checkpoint Unlawful
By: Independent Police Conduct Authority
View as: DESKTOP | MOBILE © Scoop Media