But if wealth taxes are such a great idea it’s worth asking why there aren’t more of them. A 2018 OECD report showed that 12 OECD countries had net wealth taxes in 1990; by 2017 there were only three left levying such “recurrent taxes on individuals’ net wealth". Spain, Norway and Switzerland retain their broad wealth taxes, and several other European countries retain some narrower asset-based taxes. The Greens offer the caveat that wealth taxes on assets can be deferred until the time of sale. The Greens’ policy explainer uses a couple called “Bill and Melinda” to demonstrate when the party’s wealth tax would kick in.

Source: Stuff July 01, 2020 17:00 UTC