Doubts New Zealand could avoid the problems other countries faced with wealth taxes.

The Greens are proposing a 2.5% tax on net assets above 10 million dollars, excluding the family home.

The package also includes income tax cuts for those earning under $160,000.

Dentons tax partner Bruce Bernacchi says several European countries abandoned similar taxes, after wealth and investment flowed offshore.

He says it would be a giant leap backwards for our economy, which is doing well at the moment.

LISTEN ABOVE

Doubts New Zealand could avoid the problems other countries faced with wealth taxes.
The Greens are proposing a 2.5% tax on net assets above 10 million dollars, excluding the family home.
The package also includes income tax cuts for those earning under $160,000.
Dentons tax partner Bruce Bernacchi says several European countries abandoned similar taxes, after wealth and investment flowed offshore.
He says it would be a giant leap backwards for our economy, which is doing well at the moment.
LISTEN ABOVE

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers. 

Whether you’re a small business owner or interested in what’s going on in the Big End of Town, this podcast encompasses the sharpest voices and minds in the world of business.

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers. Whether you’re a small business owner or interested in what’s going on in the Big End of Town, this podcast encompasses the sharpest voices and minds in the world of business.

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers.

Best of Business

Bruce Bernacchi: Dentons tax partner says Green's tax will send investments overseas

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/8e61a9ad-6ae8-43c4-97dd-b4700141530c/transcript