The Green Party have unveiled a sweeping new welfare policy that would guarantee a weekly income of at least $325, paid for by a wealth tax on millionaires and two new income tax brackets on high-earners. Paying for all this would be a wealth tax of one per cent on net wealth of over $1 million and two per cent for assets over $2 million. The party expects this would raise $7.9b in its first year, covering the cost of the guaranteed minimum income policy. Alongside the wealth tax would be two new top income tax bands: 37 per cent on income over $100,000 and 42 per cent on income over $150,000. By 2024 the party expected the new tax changes would net $10.34b a year, mostly from the wealth tax.

Source: Stuff June 28, 2020 01:42 UTC