Poll: Taxes in NZ
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Is this a fair system
16.67%
1 16.67%
Is this an unfair system
83.33%
5 83.33%
Total 6 vote(s) 100%
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Richest Kiwis pay about half as much on the $ as the rest of us
#7
8.9% of a lot is still waaaaay more than 20% of not much.

A theoretical scenario:
Bob earns $70K/year, pays $550/week rent and spends the rest on stuff that attracts GST. He pays $17.5K combined GST & Income tax per year or 25%.

John makes $5M taxable profit from the company he owns, from which he invests about $500K and spends the rest (after income tax) on stuff that attracts GST. He pays a combined total tax of just over $2M. His business and properties increased in value by 17.5M so his overall tax rate was only 8.9%.

Do you really think it unfair that Bob had to pay a whole $17.5K whereas John got away with "only" paying $2M?


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RE: Richest Kiwis pay about half as much on the $ as the rest of us - by dken31 - 26-04-2023, 11:07 PM

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