ACT's Taxation Policy
ACT proposes significant income tax cuts funded by reducing government spending, a flat tax of 17.5% for income under $70,000, and abolishing inheritance tax. They oppose all new taxes including capital gains and wealth taxes, and want to simplify the tax system.
In simple terms
Cut income taxes significantly, create a simpler flatter tax system, oppose any new taxes on savings or investments, and fund it all by cutting government spending.
Green Party's Taxation Policy
The Green Party proposes a wealth tax of 2.5% on net assets over $2 million, a capital gains tax on investment properties, a corporate tax rate increase to 33%, removing GST from fresh food, and using revenue to fund public services and income support.
In simple terms
Tax the very wealthy on their total assets, tax profits from selling investment properties, increase company tax, and remove GST from fresh food.
Labour's Taxation Policy
Labour introduced a 39% top income tax rate for income over $180,000 and maintains progressive income tax. They oppose a broad capital gains tax, having ruled it out during their tenure, but support closing tax loopholes and ensuring multinationals pay their fair share.
In simple terms
Keep a high tax rate for very high earners, make sure large corporations pay tax in New Zealand, and close loopholes used to avoid tax.
National's Taxation Policy
National has introduced income tax threshold adjustments to compensate for bracket creep, increased the Independent Earner Tax Credit, and provided Working for Families top-ups. They oppose a capital gains tax and wealth tax, and aim to return to surplus through spending restraint.
In simple terms
Adjust tax brackets so workers keep more of their pay rise, help working families with tax credits, and oppose new taxes on wealth or investment gains.
NZ First's Taxation Policy
NZ First opposes capital gains and wealth taxes, supports adjusting income tax thresholds to offset inflation, advocates for superannuation to be tax-free, and wants to remove GST from rates and insurance. They also support tax incentives for regional businesses.
In simple terms
Stop new taxes on savings and investment, adjust tax brackets for inflation, make superannuation tax-free, and remove GST from rates and insurance.
Te Pāti Māori's Taxation Policy
Te Pāti Māori supports a comprehensive capital gains tax, a wealth tax on high net worth individuals, removing GST from food and basic necessities, and using revenue to fund universal basic income and free public services. They argue the current tax system perpetuates inequality.
In simple terms
Tax investment profits and large fortunes, remove GST from food and essentials, and use the money to pay for a universal income and free services for all.