NZ Politics

872 readers

3 users here now

Kia ora and welcome to the NZ Politics community!

This is a place for respectful discussions about everything that's political and kiwi

This is an inclusive space where diverse opinions are valued, but please don't be a dick

Other kiwi communities here

Banner image by Tom Ackroyd, CC-BY-SA

founded 3 years ago

MODERATORS

Dave@lemmy.nz

RaoulDuke@lemmy.nz

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

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

16 comments fedilink hide all child comments

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%

you are viewing a single comment's thread
view the rest of the comments

[–] absGeekNZ@lemmy.nz 3 points 4 days ago* (last edited 4 days ago) (1 children)

There are a few things to like here. I would rather the number were a little more clear.

I would rather see the total tax take; not just the differences. Where thy say "tax setting changes -$2,335M" I would like to know is that 10% less or 2%; so I could compare it to the proposed tax increase from the other sources they are expecting.

From budget 24/25 contributions from individual tax were $62.2B; which gives us a better understanding of how these numbers stack up.

So individuals will collectively get about a 3.75% tax cut; weighted to the lowest income earners.

Corporate tax was $18.2B which if I'm reading their policy correctly, will increase to $20.15B. Which is about a 10% increase.

New taxes and restoring landlord taxes will gain an additional $5.37B.

So for the entire $136B crown revenue the increase is ~4%.

As an Opportunity supporter I have to contrast it with their policy to see how it stacks up:

	Opportunity	Green
Headline thing	Citizens Income	Tax super rich
Tax Brackets	3	7
Wealth tax type	Land Value Tax	Valuation based system
Net tax difference	+$4.1B	+$5.3B
Complexity (admin cost)	Reduced	Increased
Ave wage comp ~$68k	+$6,651/yr (with $300k land)	+$577/yr
Ave wage comp ~$68k	+$11,901/yr (renter)	+$577/yr

[–] Ilovethebomb@lemmy.nz 2 points 1 day ago (1 children)

Yeah, TOP really have this figured out. I'm planning to vote for either them or Labour.

The Green party just have too much baggage to be taken seriously.

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

Opportunity are running a party vote campaign. So vote opp for party and labour for candidate... Get the best of both world's.

[–] Ilovethebomb@lemmy.nz 1 points 1 day ago

That's definitely my plan. I'm in Remutaka electorate, which Hipkins is all but guaranteed to win.