Te Pati Māori has pledged to reform the tax system to “restore balance through the just redistribution of resources”.
This includes five new taxes:
- A wealth tax for those with more than $2 million in net wealth – the rate is 1.5% for $2,000,001-5,000,000; 2.0% for $5,000,001-10,000,000; 2.5% over $10,000,001
- An international profit transfer tax of 5% on the value of profits transferred offshore.
- A land banking tax of 33%.
- a vacant house tax of 2%.
- a stamp duty of 5% on residential sales, excluding first home buyers for homes under $1 million.
The party is also proposing a raft of changes to income tax, with the current top rate of 39% (for those earning $180,000 and above) now kicking in at $90,000. Those earning more than $180,000 would pay 42%, with those earning more than $300,000 paying 48%.
Te Pati Māori would raise the company tax rate from 28% to 33% while those earning under $30,000 would pay no income tax at all.
Te Pati Māori also proposes something called “No GST on kai” which it explains as a targeted tax credit for those earning $60,000 or less. That would amount to eight weeks of ‘kai’, the party says.
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