October 13, 2020 2:00pm by David Farrar

Green’s asset tax could hit 25% of retirees!

The Greens' proposed wealth tax would catch WAY more than 6% of Kiwis.

Over 20% aged 66-69 have over $1m in net wealth. Somewhere between a fifth and a quarter of Kiwis should expect to be liable, if the thresholds adjust with inflation.https://t.co/1Il8W3xxuV pic.twitter.com/3tJIcELQPf
— Eric Crampton (@EricCrampton) October 12, 2020

Excellent analysis from Eric Crampton. Basically the level of assets you hold is age dependent. Almost no one under 40 will have over one million of assets, but a large proportion of those aged over 60 will.

So the Greens’ policy will hit those who has retired and have little or no income, and drive down their savings every year they stay alive.

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