Calls for increased taxes on the wealthiest New Zealanders have been backed by the country’s largest union, the Public Service Association.
Tax Justice Aotearoa, formed in 2018, wants a new tax rate of 50 per cent on every dollar of personal income over $150,000 a year, and an annual levy of 2 per cent on net wealth over $2 million, excluding debt.
This is basically a return to Muldoonism when the top tax rate was 66%. Back then there was no GST. If you have a top tax rate of 50%, a GST of 15% and excise taxes and rates, well over two thirds of every dollar you earn at the top rate will go to the Government.
This is what we’ll get with a Labour/Green Government. Labour wants to hike the top tax rate and Greens want to tax your savings and house.