Election 2020 - Party Policies - Tax - Income Tax
25th Jul 20, 5:56am
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Income Tax
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- Introduce and progressively increase a tax-free threshold up to $10,000 at the bottom of the income tax scale, simplify rates in the middle bands of the tax scale, and increase the top rates of income tax.
- Ensure beneficiaries receive the full advantages of any changes to income tax rates and adjust benefit abatement rates to address the problem of benefit abatement for those moving into employment.
- Introduce a new tax of 1% on an individual's net wealth above $1 million and 2% on an individual net wealth over $2 million.
- New top income tax brands, set at 37% on income over $100,000 and 42% on income over $150,000.
- Read more here, here and here.
- No income tax changes for 98% of Kiwis.
- On personal income earned over $180,000 a new top tax rate of 39% will apply – this change affects 2% of earners.
- Extra revenue raised will be used to protect health and education, control debt, and support the recovery plan.
- No new taxes, or further increases to income tax next term.
- Won’t raise fuel taxes.
- Continue closing tax loopholes to make sure multinational corporations pay their fair share.
- Read more here.
- Deliver massive tax stimulus for hard working New Zealanders, putting more than $3000 extra in the back pockets of the average New Zealander.
- Increase tax thresholds by lifting the bottom threshold from $14,000 to $20,000, the middle threshold from $48,000 to $64,000 and the top threshold from $70,000 to $90,000.
- These changes will be in place from 1 December 2020 to 31 March 2022. More than 2.6 million New Zealanders will benefits from these tax cuts, including more than 1 million New Zealanders who will benefit by more than $2500.
- Read more here.
Not yet available on their website.
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1 Comments
https://www.top.org.nz/universal_basic_income
The Opportunities Party (TOP) is proposing a fundamental overhaul of the tax and welfare systems in New Zealand to make them modern, simple and fair. This will be achieved by introducing a:
$13,000 annual universal basic income (UBI);
$2,080 annual child universal basic income (paid to parents);
Flat tax of 33% on all income from all sources for all entities; and
Risk free return method (RFRM) tax on assets.
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