> ## Content Index
> Fetch the complete content index at: https://goodoil.news/llms.txt
> Use this file to discover other available public pages before exploring further.

# Loonies of the Day
- URL: https://goodoil.news/loonies-of-the-day/
- Published: 2025-05-14T18:30:32.000Z
- Updated: 2025-05-14T18:30:31.000Z
- Description: The big income raiser in the plan is the wealth tax, which would raise $72.4b over the four years.
- Author: Good Oil Staff
- Tags: Face of the Day, Green Party, NZ Politics, Economy

> The[ Green Party is promising a radical overhaul of the New Zealand tax system](https://xn--green%20party%20co-leader%20chle%20swarbrick-vme./), raising $88.2 billion in new revenue and taking the size of the state to over $200b a year.  
>  
> The party also promises significant borrowings for investment not funded by taxation. The borrowings would take net core Crown debt to 53.8% of GDP by the end of the decade. In 2019, Treasury said debt-levels below 50-60% of GDP were prudent for New Zealand and warned that higher debt would make it more challenging to borrow during economic shocks like earthquakes.  
>  
> The party announced its alternative budget this morning, [which was an altered version of its 2023 tax plan](https://www.nzherald.co.nz/nz/politics/election-2023-greens-wealth-tax-comes-with-income-tax-cuts-and-welfare-overhaul/FCRYI5THFVECPNUS2IB2N7REWA/?ref=goodoil.news) – the main differences being this one included two new taxes: an inheritance tax and a tax on private jets.  
>  
> The plan would reinstate two property taxes: the 10-year bright-line test and banning interest deductions for residential property, which are currently being phased out.  
>  
> Companies tax would be raised from 28% to 33%, making it one of the highest in the developed world, higher than Australia, the United Kingdom, and the United States.  
>  
> Income tax would be raised for some, with the 39% threshold kicking in at income over $120,000 and a 45% rate applied to income over $180,000.  
>  
> However, a tax-free threshold would be introduced at $10,000, increasing the after-tax incomes of people earning less than $115,000 – the vast bulk of people, although setting the tax rate that low would begin to capture some professions the Greens are trying to target.  
>  
> Thanks to a 2023 pay equity settlement, senior nurses had their pay lifted to between $105,704 and $153,060, meaning many would pay higher rates of income tax under this plan.  
>  
> Mining royalties will be doubled and private jet arrivals and departures to New Zealand will be taxed at a rate of $5,000.  
>  
> The big income raiser in the plan is the wealth tax, which would raise $72.4b over the four years.  
>  
> The wealth tax would be a 2.5% tax on net assets, such as property and shares, over an individual threshold of $2m (or $4m for couples).  
>  
> The net asset carveout means that someone with a multi-million dollar home with a large mortgage might not be taxed. If someone owns $2.5m in assets, but owes $1m on their mortgage, their net wealth would be $1.5million and falls short of the threshold.  
>  
> The inheritance tax component of the plan would mean inheritance or gifts would be taxed at 33%, but the tax would only kick in once a lifetime threshold of $1 million had been reached.  
>  
> NZ Herald

[Read More](https://www.nzherald.co.nz/nz/politics/greens-promise-88b-taxes-including-33-inheritance-tax-for-massive-social-safety-net-expansion/W23VKAKZ5VBJLCIQTNIYAB2JDU/?ref=goodoil.news)