'Giant leap backwards': Dentons tax partner says proposed tax will send investments overseas
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Doubts New Zealand could avoid the problems other countries faced with wealth taxes.
The Greens are proposing a 2.5% tax on net assets above 10 million dollars, excluding the family home.
The package also includes income tax cuts for those earning under $160,000.
Dentons tax partner Bruce Bernacchi says several European countries abandoned similar taxes, after wealth and investment flowed offshore.
He says it would be a giant leap backwards for our economy, which is doing well at the moment.
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