More than a million Kiwis would pay Wealth Tax

The Greens are spreading misinformation about how many people would be liable for a wealth tax, National’s Finance spokesperson Paul Goldsmith says.

New data from Stats NZ, provided to New Zealand Initiative Chief Economist Eric Crampton, suggests the Greens have grossly underestimated the number of New Zealanders who will pay the Wealth Tax.

“At least three times as many people could be liable for a wealth tax at some point in their life than what the Greens originally suggested.

“Analysis shows a wealth tax will tax at least 20 per cent of New Zealanders during their retirement, much higher than the Greens claim it will only impact 6 per cent of New Zealanders.

“New Zealanders are right to fear that the Greens’ desire for a wealth tax would give Labour the excuse to come after more Kiwis.

“The exact design of a Wealth Tax that Labour will agree to at the coalition table will be hard to determine, but will likely be designed to capture more revenue to pay off for their wasteful spending.

“A Government that can’t control its spending will inevitably come after New Zealanders for more tax.

“There is a better way to get our economy back on track.

“We need to stop the waste, stimulate the economy with short term tax relief, and trust Kiwis to grow their businesses and create jobs.”