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Last week the IRD released an important review that found the mega-wealthy pay barely half of the tax worker pay.
In 2011, NZ had 104,000 of those who are in the 1% wealthiest, in 2021 that number is 284,000.
The mega-wealthy love NZ and its pitiful tax regulation.
Economist Bernard Hickey noted that if we had an effective capital gains tax, it would have raised $ 200 billion in revenue.
As we attempted to comprehend the vast injustice of this, Labour quickly calmed everyone down by promising not to raise any new taxes on the wealthy.
Some would argue this type of political cowardice is not what we need in 2023 as we face an onslaught of need.
That’s why the Māori Party Tax policy demands our attention. They have been clear that GST will be taken off food and their Financial Transaction Tax would punish speculators and the mega-wealthy most.
If Labour is unwilling to do something serious about the sprawling inequality of our tax system, (which in turn robs us of the revenue to build our public services), voters must consider The Māori Party this election.
With food inflation likely to continue spiking, tax and the cost of living crisis will be issued whether Labour like it or not.
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