That just might see the Green party buried. It's extremely harsh and will hit many of their own supporters.Quote:
https://www.nzherald.co.nz/nz/news/a...ectid=12343897
Yesterday the Greens unveiled its first major election policy, which would tax the wealthy more to fund a payment of at least $325 a week for anyone not in fulltime work.
A wealth tax of 1 per cent would apply to "net assets worth over $1 million" and 2 per cent for net assets over $2m. These would only apply to the value above those thresholds and would discount the value of, for example, mortgages held by landlords owning a suite of rental properties.
Green Party co-leader Marama Davidson said this morning that the policy was a priority but wouldn't say if it might be a bottom line in any post-election coalition negotiations.
She said older people or retirees who had assets but lacked cash could defer payments.
We understand that many older people may have a home, for example, worth more than $1m and it is paid off, they don't have a mortgage, but perhaps they're living on Super or perhaps they're moving to a retirement home and wish to put their home into a trust - you can defer payments," she told RNZ.
"The trust also is liable for a wealth tax, but again, it is shared among all beneficiaries and trustees, so again only if each individual has more than $1m net wealth worth then we are asking them to chip in at 1 per cent over and above that $1m.
This has to be the first tax proposal where the co-leader of the party proposing tax policy with a new tax then suggests how to avoid that new tax with some tax planning? Arguably, the folk where there is arguably more to derive from the wealth tax are going to be better able to participate in tax planning than someone who is trying to pay their house off in Auckland and has some Kiwisaver?