27 Apr 2023

Council of Trade Union 'staggered' by tax figures

From Morning Report, 6:09 am on 27 April 2023
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Photo: 123rf

The New Zealand Council of Trade Unions is staggered by figures that show the country's richest families pay about half as much tax on their income as an average New Zealander.

The IRD investigation shows the median effective tax rate for people worth more than 50-million-dollars is just 9-point-4 percent compared to more than 20 percent for middle income New Zealanders.

CTU economist Craig Renney says the data shows inequality here is worse than in the UK.

He spoke to Ingrid Hipkiss.