Current system is better, CGT and protect family home from tax.
Hi there, I like most of your policies, but this is a definite deal breaker on the wealth tax when it comes to property. Firstly the "20%" that can afford it is not true. You are hitting a lot of retirees with some wealth, but little to no income. They have paid high tax when they had much higher tax rate decades ago. and now they are getting a second blow as more tax is transferred to wealth instead of income. They will have to sell their assets, maybe even their house to afford the tax. The UBI sounds great, but will not make up for this issue. I believe CGT is not perfect but is the better alternative (until someone else gets a better idea). With the housing market, will be better to have tax on investment properties for capital gain. Also if government builds more houses to and stops overseas buyers, at least more nzers can buy more houses. Not that I agree with the wealth tax but have you considered at least a progressive rate as with income, so those with a bit of wealth, but no income don't suffer?
Do you like this suggestion?