The Green Party has released its welfare policy which substantially raises benefits, WFF, Best Start, and Student Allowances by introducing a 'wealth' tax set at 1% on net wealth over $1,000,000 and 2% at wealth over $2,000,000.
Earners will also pay more income tax at higher levels.
This is to fund "no stand down, no deduction of child support and no sanctions." The usual Green's no-holds-barred welfare policy. Metiria Turei will be cheering.
If you have a rental property on top of your freehold $1,000,000 home you are going to be taxed 1% on the value of that. So that'll take your yield down from maybe 4% to 3% - on top of all the extra costs imposed under the present government. If you've got a boat or a bach you'll be taxed on that.
Other assets included would be shares, bonds, business assets, and valuable artwork.
Elderly with high wealth but low income can defer the payment until death (like death duties).
They reckon the wealth tax will only affect the "top 6% of wealthiest New Zealanders."
They don't reference that figure and it sounds too low to me.
My numbers?
One out of ten for aspiration.
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3 comments:
Lindsay, new opportunities for tax lawyers, accountants and a burgeoning bureaucracy to keep track of it all.
Meanwhile who wants to work when the benefits of being a victim in a non Judgemental society are so attractive?
The Greens never saw a problem that additional taxation couldn't solve.
Isnt it time the Green party came clean and renamed themselves?
They have morphed in to the NZ Socialist Party.
Or is that "taken over"" by NZ Socialists.
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