Advancing better tax policy: the role of wealth taxes in New Zealand
DOI:
https://doi.org/10.26686/pq.v12i3.4604Keywords:
OECD countries, income inequality, redistribution of wealth, capital gains taxes, estate tax, Estate and Gift Duties Amendment Bill, Tax Working Group, Political economyAbstract
Most OECD countries have seen increasing gaps between the wealthy and the less wealthy in recent decades (OECD, 2008). Most OECD countries are also increasingly concerned about inequality. The measures and impacts of inequality are highlighted in a range of well-known publications (Wilkinson and Pickett, 2010; Corak, 2013; Stiglitz, 2013, 2015; Dorling, 2014; Piketty, 2014; Rashbrooke, 2014b). Suggestions for the causes of inequality are numerous and varied. While the tax system cannot directly address many of the contributing factors, wealth taxes such as capital gains taxes can assist with the unequal treatment of taxes on income and capital, and taxes such as estate duties or gift duties may help with redistribution of wealth.
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