Tax data exposes gross inequity between the wealthiest and poorest New Zealanders

Government data today shows that the wealthiest New Zealanders aren’t paying their fair share of tax, whilst everyone else chips in, Green Party spokesperson on Finance Julie Anne Genter said today.

“More than 40 percent of the wealthiest New Zealanders are paying less tax than the lowest income New Zealanders – this is wrong.

“This data just shows why we need progressive tax reform. Working people with good incomes struggle to buy homes, while people who already have significant assets can leverage them to increase their own wealth.

“This is partly because we tax income from work, but we don’t tax wealth. Wealthy individuals get their income from untaxed or lowly taxed sources,” says Julie Anne Genter.

“The most straight forward solution is to introduce a Wealth Tax on individuals’ net wealth over $1 million – not including mortgages and other debt. This would only apply to the wealthiest six percent of New Zealanders,” says Green Party spokesperson on Revenue Chlöe Swarbrick.

“Ours is the only tax plan that will cease massive inter-generational wealth inequality growth, ensure strong public service funding in the years to come, and make sure those with the least have enough to live with dignity.”

ENDS

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