Bruce Bernacchi: Dentons tax partner says Green's tax will send investments overseas
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.
LISTEN ABOVE
See omnystudio.com/listener for privacy information.
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.