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

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Open your mind to the world with New Zealand’s number one breakfast radio show. Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda. The sharpest voice and mind in the business, Mike drives strong opinion, delivers the best talent, and always leaves you wanting more. The Mike Hosking Breakfast always cuts through and delivers the best daily on Newstalk ZB.

Open your mind to the world with New Zealand’s number one breakfast radio show.Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda.The sharpest voice and mind in the business, Mike drives strong opinion,...

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

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/064e78ac-b780-4e68-97b9-b470014151e7/transcript