Labour, National and ACT have all said “no” to a wealth tax.
Both left-leaning parties, Greens and Te Pāti Māori, want one.
Greens are looking at a tax of 2.5% of any wealth above $2 million.
If you’re single and have $3 million of wealth, you’d pay 2.5% on $1 million. So you have to pay the IRD an extra $25,000 a year.
There are differences based on whether you’re single, in a couple or have a trust. But that’s the crux of it.
For Te Pāti Māori, they have a sliding scale:
- 2% for net wealth over $2 million.
- 4% for net wealth over $5 million.
- 8% for net wealth over $10 million.
These wealth taxes grab the headlines. But in my view, they’re unlikely to come in.
A majority of the bigger parties have already ruled the policy out.
Who should I vote for?
I’m not going to tell you who to vote for.
Some parties do have policies that are better for property investors. That’s clear.
But voting for a party is about the direction of the whole country. Ultimately, you’ll decide based on all the policies.
I'm only covering the different policies that affect property investors.
If you’d like to learn more about some of these policies discussed, check out our full webinar.