A tax-free threshold of $30,000, introducing two new top tax rates of 42% and 48% and introducing four new taxes, including a wealth tax, land banking tax and vacant house tax.
That's all part of Te Pāti Māori's tax policy, announced today.
Te Pāti Māori co-leader Rawiri Waititi said the current tax system took money from the poor and gave it to the rich.
"It's time we rectified this imbalance," he said.
“Our vision is simple, yet profound: to shift the burden of tax from the poor to the wealthy, and to restore fairness and economic justice. We believe in an Aotearoa Hou [a new New Zealand] where ordinary people don't have to subsidise the extravagant lifestyles of the rich.
“No one should go hungry while supermarkets are making record profits.
“No one should be homeless when there are enough vacant houses to house everybody."
He said under the party's policy proposal 4.2 million people would pay less tax.
"That means more kai on the table. It means whānau being able to afford their own homes instead of being forced to pay off someone else’s mortgage in rent.
“It means reinvesting into those who need it the most. It’s time for the wealthy to start pulling their weight."
He said the policy was "the most transformative solution to the tax system ever to be proposed in Aotearoa".
"It will redistribute wealth, restore economic justice, and bring an end to poverty."
Co-leader Debbie Ngarewa-Packer said Te Pāti Māori would "no longer accept any excuses from the two major parties who are fighting to keep people poor".
"We are putting our pou in the ground. Now is the time for radical change. Our tamariki are literally hungry for it
“We hear a lot of talk about unprecedented times, but we aren’t seeing any unprecedented solutions."
Te Pāti Māori's tax policy
Tax rates
- $30,000 and under - 0% tax
- $30,001 - $60,000 - 15% tax
- $60,001 - $90,000 - 33% tax
- $90,001 - $180,000 - 39% tax
- $180,001 - $300,000 - 42% tax
- $300,001 and up - 48% tax
Currently the top tax rate - for earnings over $180,000 - is 39%.
The party would also:
- Remove GST from all kai and regulate the ability of supermarkets to hike prices
- Increase the company tax rate from 28% to 33%
And introduce:
- A net wealth tax
- A foreign companies tax
- A land banking tax
- A vacant house tax
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