Weka has already written about the Green Party’s UBI equivalent but one point that she makes which should be re-emphasised is that Paora Goldsmith is either bereft of literary and/or mathematical skills, or he has been telling porkies.
Either is not a good look for a potential Minister of Finance and brings back memories of Steven Joyce’s $11 billion hole which he famously forecast was in Labour’s draft budget even though there was no such hole.
It is clear from the Green’s detailed policy document that the tax applies on the value of net assets for an individual above $1 million. That means if you have assets of $1.1 million you pay 1% of $100,000 which is $1,000. You don’t pay $11,000 and work out how you can get rid of $100,001 of your net worth.
Paoara claims however that once you become a millionaire the tax applies to all of your assets, not the proportion above $1 million.
In a press release he said this:
The wealth tax would be particularly severe. A successful small business person, owning a $1 million house and a business worth $1 million would have to pay $40,000 a year for the 2 per cent wealth tax.
He should apologise for misrepresenting the Green’s policy. And he should get remedial literacy lessons presuming that this is the cause of his mistake.
Goldsmith has tried to blame the vagueness of the Green Party policy for his mistake. With respect the policy is perfectly clear especially when the examples are considered.
Todd Muller should step in and take action.
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