20 percent of NZers own 70 percent of country's wealth
The top twenty percent of New Zealanders now own seventy percent of the country's wealth.
While the country debates the merits of a capital gains tax (CGT), Statistics New Zealand said "rising property values" between 2015 and 2018 was the main reason for a big increase in the amount of wealth owned by the top twenty percent.
In 2015 the top ten percent owned sixty percent of the county's wealth.
In contrast in 2015 the poorest 40 percent held just 3 percent of total wealth and three years later the only increase for this group was in how much more debt they had accumulated.
Independent economist Shamubeel Eaqub was quoted saying the figures were further confirmation of the country's growing class divide.
"Every time we see a new statistic on inequality, whether it's in terms of income, opportunities or wealth, it shows very clearly that New Zealand is being ripped apart by our class system."
Tax Justice Aotearoa New Zealand - a group that believes a capital gains tax should be introduced to reduce inequality and poverty - has organised an online petition in favour of a capital gains tax [www.change.org....
The petition was started by Tax Justice Aotearoa New Zealand in advance of the Government's intention to release a response to the recommendations of a tax Working Group this month.
The advisory tax group, formed in 2017 to investigate ways of reforming taxation, has signalled a strong preference towards the introduction of a capital gains tax on investment property, intangible property and business assets.
Iwi want exemptions based on equity because tax has already been paid on treaty settlements and land returned under settlement used to buy back more culturally valuable ancestral lands, or within iwi, should not be taxed.
[sources:
1 www.stats.govt.nz...
2 www.radionz.co.nz...
3 en.wikipedia.org...
4 www.radionz.co.nz...
Poll: Should the government levy industries that contribute to financial hardship?
As reported in the Post, there’s a $30 million funding gap in financial mentoring. This has led to services closing and mentors stepping in unpaid just to keep helping people in need 🪙💰🪙
One proposed solution? Small levies on industries that profit from financial hardship — like banks, casinos, and similar companies.
So we want to hear what you think:
Should the government ask these industries to contribute?
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59% Yes, supporting people is important!
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26% No, individuals should take responsibility
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15% ... It is complicated
A Neighbourly Riddle! Don’t Overthink It… Or Do?😜
Do you think you know the answer? Simply 'Like' this post if you know the answer and the big reveal will be posted in the comments at 2pm on the day!
If you multiply this number by any other number, the answer will always be the same. What number is this?
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