The Nats are going lower and Luxon is ruling out possible allies…
I’m happy that opportunity is gaining regularly. Looking very likely that they will be in parliament after the election.
The Nats are going lower and Luxon is ruling out possible allies…
I’m happy that opportunity is gaining regularly. Looking very likely that they will be in parliament after the election.
LVT is a type of wealth tax, it is just a much better structure than the greens version.
2.5% is a crazy amount, and I think it will result in a lot of wealth simply leaving the country. There’s also a “how dare you” vibe to it that I don’t like.
Land value is a lot more elegant.
2.5% of the wealth over $10M. It’s not historically outrageous, only in recent times. We do need to tax wealth, and economically it’s likely better than taxing income (I presume Greens aren’t planning on removing that though).
But I prefer the Opportunity 1.7% LVT proposed, which is not on the total property value just on the land. This is intended to lower house prices, which introduces the possibility of having more money by paying more tax. They also waant a UBI which would offset any extra tax paid by most people (their estimates are that 90% of people would be the same or better off).
Realistically though, no small party is going to pass a large scale tax reform. Whatever their policies, they would be lucky to get a fraction of their intent across the line. This goes for Greens and Opportunity.
There were a lot of fears around capital flight when France implemented their wealth tax and it just… didn’t happen. Basically the things that actually matter to economies and societies, like companies, skilled workers, and infrastructure doesn’t just up and leave on some rich dudes tantrum.
I like an LVT, but capital flight arguments against more targeted wealth taxes aren’t well founded for the average voter. Basically. They’re a net good for most people.