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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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[–] MadPsyentist@lemmy.nz 1 points 2 days ago

It is important to remember that if you earn 60k you dont pay a flat 25.5% tax. You only pay 25.5% tax on the portion of your income in the 40k to 60k bracket. You would still pay 0% tax on your first 10k you earn in a year then 10% tax on the next 10k you earn in the 10k-19k bracket, and 17.5% tax on the 20k earnt between 20k and 40k. That means for 60k your "effective" tax rate is more like 17% once calculated