In Aotearoa, there is enough to go around. But the tax system has allowed wealth to accumulate with a small number of us, while most of us have only modest assets. We tax work in Aotearoa, but we don’t tax wealth.
COVID-19 has exposed wealth inequality, and the economic response to the pandemic is making inequality even worse with government stimulus spending benefiting wealthy asset owners. The Greens have a plan for a more equal Aotearoa, so everyone can flourish.
Our plan for fairer tax will help redistribute wealth from those with the most wealthy so we can support those with the least. Ours is the only tax plan that will ensure we can continue funding strong public services in the years to come, and make sure those with the least have enough income to live with dignity.
Here’s what our Fair Tax Plan includes:
We’ll tax wealth fairly by introducing a new tax on individuals’ net wealth over $1 million. This means those who have their own wealth worth more than $1 million – not including mortgages and other debt – would be asked to pay a small annual contribution to fund stronger social support for all New Zealanders. This would only apply to the wealthiest 6% of New Zealanders.
We’ll update progressive income tax so those earning much more income contribute a little more to help fund better social support for everyone. We’ll introduce new income tax brackets of 37% for income over $100,000 and 42% for income over $150,000. We expect this to generate approximately $1.3 billion a year, which will fund improvements for public health, education, income support, and environmental protection.
We’ll close tax loopholes & minimise tax avoidance by taxing big digital giants such as Facebook and Amazon.
During COVID-19 we saw our collective ability to work together to change the system in a way that benefits all of us.
The Green Party’s tax plan makes transformational change possible. It’s a simple and fair way to even the playing field and unlock the resources all of us need to thrive and participate fully in our communities.