Is it just me or is Mike Hosking becoming more unbalanced?
An example from earlier this week came to my attention via this tweet from the excellent Lyin Ex Tobacco Lobbyist. It was based on an interview between Hosking and Chris Hipkins where Hosking attacked Hipkins for planning to introduce a top tax rate of 45c in the dollar based on a speech recently given by Associate Revenue Minister Deborah Russell.
I did what Lyin recommended and read the speech.
Nowhere could I find a suggestion that Russell advocated for a top tax rate of 45c in the dollar. In face nowhere could I even find a reference to a top tax rate of 45c in the dollar.
Hipkins was clearly bemused at the line of questioning and had no idea what Hosking was referring to. But Hosking chose to continue to badger Hipkins about a tax policy increase which was not actually announced or even hinted at.
The closest that I could find in the speech to a reference to increasing tax was a comment a the need to make sure that the wealthy pay their fair share of tax. From the speech:
I do worry about the growing gap between the super wealthy and the rest in New Zealand – and around the world. In fact, it’s a global problem.
Some interesting work is being done looking at effective average tax rates paid by different sections of the population, which I understand will be published in the next few months. The High-Wealth Individuals Research Project looks at the amount of tax that they pay on their economic or comprehensive income. By economic income I mean income including non-taxed gains such as capital gains.
As you know, this is purely a research project and is not connected to Inland Revenue’s compliance function.
What will be interesting is to have a better understanding of how much tax is paid by the wealthy relative to their economic income compared with the middle class. The issue here is to better understand if our tax system is fair – that is, are those with more resources paying a similar or even lower rate of tax than those with fewer resources.
I understand this work also takes account of the impact GST as a proportion of income. I think it’ll be interesting analysis for us to reflect upon.
While not all taxes need to be progressive the overall system should not be regressive. The very wealthy should at least pay the rate middle income earners already pay. It should also be fair between taxpayers of similar means.
I’m looking forward to seeing the conclusions of the High-Wealth Individuals Research Project so we get a better understanding of how progressive our tax system actually is.
Hosking is clearly afraid at the Government performing this analysis, no doubt because it will show that the wealthy are not paying their fair share of tax. But attacking Hipkins over something that his Minister did not say is a new low.
Lyin has lodged a complaint. It will be interesting to see how this works out.
Powered by WPtouch Mobile Suite for WordPress