Finally, there are taxes on wealth – taxes on what you own, usually assets. But the default is that we don't tax wealth, and unless a transaction is explicitly included in the legislation, it will not attract tax. They are intended to tax wealth in the traditional meaning of the word – for example, people who own multiple houses or are "land banking". Better quality data on who wins and who loses from a wealth tax will contribute to better quality debate. Whether we want a wealth tax, however, can only be determined at the ballot box.

Source: New Zealand Herald May 15, 2022 06:15 UTC