Green proposals to tax excess corporate profit

The Green Party has today put forward proposals to ensure large corporations profiteering from high inflation are taxed fairly and the money used to support people to make ends meet.

“An excess profit tax would be a simple and effective way for large corporations to pay their fair share, unlocking the resources all of us need to live with dignity, put a roof over our heads and food on the table,” says Green Party Finance spokesperson, Julie Anne Genter.

“Right now, as thousands of kids go hungry, supermarkets are raking in an excess profit of more than $1 million per day. As people struggle to pay the mortgage and their rent, Australian-owned banks are making record profits of over $6 billion. As tamariki go to sleep shivering, energy companies are generating eye-watering profits.

“And yet, having done nothing to earn it, nearly every dollar of excess corporate profit is going straight into the padded pockets of shareholders and corporate executives - rather being shared amongst all of us. This simply isn’t right.

“The Green Party does not accept large corporations making a killing in profits, while tens of thousands of families struggle to make ends meet. Our position is clear: when large corporations make excessive profits from a change in circumstances that affects us all, those benefits should be shared.

“We are committed to a fair and progressive tax system where the wealthiest pay their fair share so we can fund strong public services and ensure those with the least have enough to live on.

“Today, we have released a discussion document exploring how an excess profit tax could be designed - and how the additional revenue should be spent. We are also considering the alternative of raising company tax rates so that all profits are taxed more.

“Reflecting on a period of unprecedented growth in corporate profits, now is the time for a conversation about how we rebalance the tax system towards supporting the people who need it the most - and we invite all New Zealanders to have their say,” Julie Anne Genter.

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