Some interesting “Wealth Tax” ideas in there and proposed changes that would net an extra ~$5B (estimated).
- Big corporations tax: The corporate tax rate will be increased from 28 percent to 33 percent for big companies with annual turnover exceeding $30 million. This will impact about 0.7 percent of businesses (e.g. banks, supermarkets and energy companies).
And new income tax rates:
Current
| Income band | Tax rate |
|---|---|
| 0 - $15,600 | 10.5% |
| $15,601 - $53,500 | 17.5% |
| $53,501 - $78,100 | 30% |
| $78,101 - $180,000 | 33% |
| $180,001 and over | 39% |
Proposed
| Income band | Proposed rate |
|---|---|
| $0–$9,999 | 0% |
| $10,000–$19,999 | 10% |
| $20,000–$39,999 | 17.5% |
| $40,000–$59,999 | 25.5% |
| $60,000–$79,999 | 30.5% |
| $80,000–$159,999 | 33.5% |
| $160,000+ | 45% |
| – |
Huge increase in complexity to achieve this.
Not really, if one can handle five tax brackets then one can handle seven.
If one has built or bought a shitty payroll tool, then that’s one’s problem and no one else’s.
It isn’t just the 7 tax brackets, that isn’t that hard to deal with.
It is the complexity with valuing a bunch of stiff to calculate tax on.
The inheritance tax isn’t a bad idea, we are an outlier internationally WRT to this.
Ah, good point.
Though for the most part I suspect a flowchart from IRD is probably all most people would need.