Boost taxes on the ‘super-rich’, major corporates and earners on $160K+

The Greens have vowed to target the ‘super-rich’ and major corporates with major tax hikes, as well as introduce an inheritance tax. Salary earners on $160,000-plus will be hit with a 45% marginal tax rate.

The Greens say their tax policy is expected to generate an extra $5.35 billion in net revenue in 2027/28, rising to $5.94b by 2030/31.

Measures include taxing the super-rich’s net assets above $10 million at 2.5%, with an exemption for the family home. It will also implement an inheritance tax on assets and gifts received worth over $1m, with family farms and family homes exempted.

Swarbrick said 96% of wage and salary earners would benefit from a new tax-free threshold of $10,000, while a new tax rate of 45% will apply to earnings of $160,000 or more.

The full Greens tax policy document is available here.