The newest arrivals to the billionaire club are Sir Peter Jackson and Dame Fran Walsh thanks to the $2.3b sale of Weta Digital last year. But a tax expert said the uber-wealthy needed to start paying their fair share of tax, before wealth inequality became baked into the economic system. Stuff Sir Peter Jackson and Dame Fran Walsh are the newest billionaires. Baucher​ said the New Zealand tax system was unusual on the global stage, because a large amount of tax was collected through GST and income tax, while property holdings, often a person’s most valuable asset, were virtually untaxed. While it was inevitable that billionaires needed to be taxed more, the boundary lines around how much more, and how the tax would be paid still needed to be worked out, he said.

Source: Stuff May 30, 2022 23:30 UTC