Make it 1000%!
OPINION: The appendage swinging contest between the US and China continues, with China hitting back with a new rate of 125% on the US, up from the 84% announced earlier.
This is despite findings of a research paper by the NZ Treasury, based on data from the fiscal year ending March 2019, that the top 20% of income earners paid most of the taxes.
The research found that while Wellington collected over $40b in income taxes from individuals, it was the top 20% of earners who contributed more than 50% of that total amount.
As Professor of Public Policy at Victoria University Arthur Grimes points out, the public might not know, but a small percentage of high-income earners pay the majority of tax revenue, while “most people at the poor end are net recipients from the government”.
