Labour Party leader Chris Hipkins recently revealed the party is looking once again at its tax policy, including a possible wealth tax or a “capital income tax” (CIT).
This comes barely a year after the party ruled out a wealth tax or capital gains tax if they won the 2023 election.
So what changed? Former Revenue Minister David Parker’s idea is to use the CIT to target big earners whose incomes are not effectively captured by the current tax system.
