Let's say you have $50 million of assets and you get a 6% return on those assets. Your income is $3 million a year.
Currently you pay income tax of $1,150,120. That leaves you $1,849,880. So their overall tax rate is 38%.
Now let's look at the Māori Party Policy. Their taxes would be:
Currently you pay income tax of $1,150,120. That leaves you $1,849,880. So their overall tax rate is 38%.
Now let's look at the Māori Party Policy. Their taxes would be:
- Income tax of $1,395,900 or 47%
- Asset tax of $3,460,000 or 115%
- Total tax of $4,855,900 or 162%
So if you're a high worth New Zealander, how moronically stupid would you have to be to stay residing in NZ? You'll relocate to sydney or anywhere else, and just spending five months visiting NZ every year during summer (or not visit at all).
The net result of the policy will be losing all the tax revenue they already pay.
David Farrar runs Curia Market Research, a specialist opinion polling and research agency, and the popular Kiwiblog where this article was sourced. He previously worked in the Parliament for eight years, serving two National Party Prime Ministers and three Opposition Leaders.
6 comments:
Just shows what nasty, greedy, stupid people there are living in the fantasy world that is the New Zealand Māori party.
How moronically stupid would you have to be and promote such a dunderheaded idea 🤔
Kind of says it all about the quality of thought currently bubbling around the Beehive.
Marxist economics... steady march to bankruptcy when the money runs out.
Last chance to fight back is imminent.
I bet the two Maori Party leaders would struggle to understand David's simple explanation. Cause it's got numbers in it.
You'd have to equate it to how many stetsons it would cost you to stay in NZ under the Maori Party. Or how many Maori tattoos you wouldn't be able to afford anymore. Or how many Starbucks coffees you'd miss out on.
Bloody colonialism!
What sticks in my craw is that these dunderheads are costing us many $100,000's each year to spout forth with their racist vitriol and stupidity.
Can you show the workings for those figures and a link to the policy to show that BOTH will apply for a total of more than the income? Where does the policy expect the payment to come from to pay tax beyond the income for the year? Or are you simply trying to incite those who would not take the time to look figures that you have provided critically? As for the 38% tax rate on the income - I suspect you would be hard pressed to find anyone with a actual gross income of $3mil before their accounts have had a look over the books paying anywhere near 38%.
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