Possible new tax law

[Lilith7]

Its very seldom that I agree with a politician, but this may be what's needed or a part of it - assuming changes are eventually made. This won't go down well among many Nat voters.



https://www.stuff.co.nz/national/politic...principles

"Revenue Minister David Parker will introduce a bill which would set out principles of fairness in the tax system.

Speaking at the Victoria University in Wellington, Parker said authorities had ÔÇ£virtually no idea what rate of tax is paid by the very wealthyÔÇØ.

ÔÇ£We do know the rate paid by wage and salary earners and by small business owners.ÔÇØ


The new bill, to be called the Tax Principles Act, was part of ParkerÔÇÖs work over the┬ápast few years┬álooking into the wealth levels of the richest New Zealanders and how much tax they pay.

ÔÇ£What it will do is allow any future tax policy development to be based on solid evidence.ÔÇØ

He also described GST, a 15% tax added when people buy goods and services, as a regressive tax because it takes a larger percentage of income from low-income earners than from high-income earners.

ÔÇ£National is proposing a return to what even the OECD has described is New Zealand tenants subsidising taxes for their landlords,ÔÇØ he said."