The centrepiece was a tax of 1% on wealth over $1 million and 2% over $2 million.
What does this mean for small farmers? Many might sit on the cusp of the $1m and $2m thresholds.
We say the policy would likely run into the same issues as Labour’s now jettisoned capital gains tax: it’s unrealistic and unpopular. Just ask Winston Peters. He recently quoted Winston Churchill….”for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.”
