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The Green Party’s tax plan (www.greens.org.nz)

submitted 4 days ago by BaconWrappedEnigma@lemmy.nz to c/politics@lemmy.nz

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Some interesting "Wealth Tax" ideas in there and proposed changes that would net an extra ~$5B (estimated).

Big corporations tax: The corporate tax rate will be increased from 28 percent to 33 percent for big companies with annual turnover exceeding $30 million. This will impact about 0.7 percent of businesses (e.g. banks, supermarkets and energy companies).

And new income tax rates:

Current

Income band	Tax rate
0 - $15,600	10.5%
$15,601 - $53,500	17.5%
$53,501 - $78,100	30%
$78,101 - $180,000	33%
$180,001 and over	39%

Proposed

Income band	Proposed rate
$0–$9,999	0%
$10,000–$19,999	10%
$20,000–$39,999	17.5%
$40,000–$59,999	25.5%
$60,000–$79,999	30.5%
$80,000–$159,999	33.5%
$160,000+	45%

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[–] RecallMadness@lemmy.nz 5 points 4 days ago (1 children)

Given the way things are looking. This is probably going to be the best policy announcement of the entire season.

Why aren’t they pushing the numbers more? A tax cut for most, and an additional 5bn in tax take sounds like a win. Yet it’s buried at the end of a PDF.

[–] absGeekNZ@lemmy.nz 1 points 4 days ago (1 children)

Huge increase in complexity to achieve this.

[–] deadbeef79000@lemmy.nz 0 points 4 days ago (1 children)

Not really, if one can handle five tax brackets then one can handle seven.

If one has built or bought a shitty payroll tool, then that's one's problem and no one else's.

[–] absGeekNZ@lemmy.nz 1 points 3 days ago (1 children)

It isn't just the 7 tax brackets, that isn't that hard to deal with.

It is the complexity with valuing a bunch of stiff to calculate tax on.

The inheritance tax isn't a bad idea, we are an outlier internationally WRT to this.

[–] deadbeef79000@lemmy.nz 1 points 3 days ago

Ah, good point.

Though for the most part I suspect a flowchart from IRD is probably all most people would need.