![\"Flourish](\"https:\/\/public.flourish.studio\/resources\/bosh.svg\")
A Flourish data visualization<\/a><\/div>\n<\/div>\nThe party said this would mean a person earning $60,000 would keep an extra $6520 a year, and a person on $90,000 would keep an extra $6220 a year. They suggested take-home pay would increase for 98 percent of people.<\/p>\n
They also promised a series of new taxes:<\/p>\n
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- Wealth tax:<\/b>\u00a0A 2% tax on net wealth over $2 million, rising to 4% on net wealth over $5m, and 8% on wealth over $10m<\/li>\n
- Higher company tax:<\/b>\u00a0Reversing National’s 2008 cut to the company tax rate, bringing it from 28% to 33%<\/li>\n
- Foreign companies tax:<\/b>\u00a0Introducing an additional 2% tax on overseas-based companies’ financial transfers<\/li>\n
- Land banking tax<\/b>: Introducing a 33% tax on land value increases, for land that remains undeveloped four years after purchase (with an exemption for M\u0101ori freehold land)<\/li>\n
- Vacant house tax<\/b>: A new 33% tax on the market value of properties that remain untenanted for six months or more<\/li>\n
- Tax evasion crackdown<\/b>: Investing $500m into the Serious Fraud Office and Inland Revenue to investigate the $7b lost to tax evasion every year<\/li>\n<\/ul>\n
It came alongside the revival of the party’s policy to remove all GST from all food.<\/p>\n
The party estimated the changes overall would mean an increase of $16.4b to the government’s coffers, although that assumed the wealth tax bringing in $23b and the $500m tax evasion package recouping the full $7b a year.<\/p>\n
The estimates were based on analysis by party economic advisers using models from the Parliamentary Library and data from IRD, Stats NZ, the Tax Working Group, and Treasury Budget advice.<\/p>\n
The party’s policy document highlighted what it called a broken tax system that had led to the biggest wealth transfer in generations, “from hard working wh\u0101nau to greedy property developers and landlords”.<\/p>\n
Read the full policy (PDF: 220KB)<\/a><\/p>\n
Ngarewa-Packer blamed government inaction on housing, and the Covid-19 response.<\/p>\n
“Now is the time for radical change. Our tamariki are literally hungry for it.”<\/p>\n
Waititi said the tax system was doing what it had been designed to: “Take money from the poor and give it to the rich”.<\/p>\n
“The richest 10 percent now own half the wealth in this country while the poorest half owns a mere 2 percent. On top of that, average people in Aotearoa are paying 20.2 percent in tax while the wealthy are only paying 9.4 percent.<\/p>\n
“It’s time we rectified this imbalance.”<\/p>\n
“We believe in an Aotearoa Hou where ordinary people don’t have to subsidise the extravagant lifestyles of the rich. No one should go hungry while supermarkets are making record profits. No one should be homeless when there are enough vacant houses to house everybody. Wh\u0101nau should not have to choose between paying their bills on time or taking their babies to the doctor.”<\/p>\n
- Higher company tax:<\/b>\u00a0Reversing National’s 2008 cut to the company tax rate, bringing it from 28% to 33%<\/li>\n