Pine Party Finance Plan
Covid-19 has put many New Zealanders in a financially vulnerable position. It has exposed wealth gaps and left many without enough disposable income for bare essentials.
Pine party are dedicated to progressive financial policies that are aimed at creating an economy where all kiwis can flourish. Our focuses involve implementing living wage structures and tax reform aimed at making tax brackets more equitable.
1. Living Wage Promotion
Pine party are committed to promoting living wage structures across New Zealand. The living wage rate enables low income kiwi workers to afford essential expenses and provides them with enough disposable income to be active citizens (Living Wage Movement Aotearoa New Zealand, 2022). However, it has not only financial benefits but those associated with higher employee morale and greater output, as employees feel valued for their work (Living Wage Movement Aotearoa New Zealand, 2022).
2. Progressive Tax Reform
Our progressive tax reform policy is aimed at making taxing more equitable. Current income tax rates in New Zealand tax 33% from $70,000 to $180,000 and 39% over $180,000 (Inland Revenue, 2021). However, due to the size of the 33% bracket, a large portion of earners get taxed the same, despite having vastly different financial situations. Therefore, Pine party propose 33% tax bracket up to $100,000 with 3% increments from $100,000 to $140,000, $140,000 to $180,000, $180,000 and $300,000, finally, anything over $300,000 taxed at 45%. These brackets are consistent with Japanese taxation, except more progressive as the size of brackets are smaller and cap at 45% earlier (Japan External Trade Organisation, 2022). These new proposed brackets will only increase current taxation on incomes greater than $100,000, therefore, not negatively impacting low income earners.
3. Sustainable Industry Promotion
Pine party are committed to supporting and promoting sustainable industry. In line with our energy policy and SDG goal 7; relating to energy, we are committed to promoting clean and renewable energy. Therefore, businesses that invest in electric car fleets for their workers will receive a rebate between $5,000-$10,000 depending on vehicle size. Providing greater incentive than current clean car rebates (NZ Transport Agency, 2022). Additionally, we will take on 50% of the fees for large scale solar panel installation for kiwi businesses.
4. Rebates for Native Tree Planting
Pine party look to global initiatives such as the Portland Treebate (Portland Government, n.d.) when considering our financial policy. This initiative incentivises households to plant trees in exchange for a credit towards their utility bills. Our policy would integrate and adapt this policy to suit New Zealand ecosystem needs; specifically focusing on native trees that promote biodiversity. For every native tree planted kiwi households will receive the purchase price as a credit towards a utility of their choice. We believe this rebate will promote biodiversity, while helping to lessen financial pressure on kiwi households.
References:
Inland Revenue. (2021). Tax rates for individuals. Ird.govt.nz. Retrieved 19 September 2022, from https://www.ird.govt.nz/income-tax/income-tax-for-individuals/tax-codes-and-tax-rates-for-individuals/tax-rates-for-individuals.
Living Wage Movement Aotearoa New Zealand. (2022). New Living Wage Rate Announced. livingwage.org.nz. Retrieved 17 September 2022, from https://www.livingwage.org.nz/.
NZ Transport Agency. (2022). Clean Car Discount overview. Nzta.govt.nz. Retrieved 21 September 2022, from https://www.nzta.govt.nz/vehicles/clean-car-programme/clean-car-discount/overview/.
Portland Government. Treebate. (n.d.). Portland.gov. Retrieved 23 September 2022, from https://www.portland.gov/bes/grants-incentives/about-treebate.
Pine party are dedicated to progressive financial policies that are aimed at creating an economy where all kiwis can flourish. Our focuses involve implementing living wage structures and tax reform aimed at making tax brackets more equitable.
1. Living Wage Promotion
Pine party are committed to promoting living wage structures across New Zealand. The living wage rate enables low income kiwi workers to afford essential expenses and provides them with enough disposable income to be active citizens (Living Wage Movement Aotearoa New Zealand, 2022). However, it has not only financial benefits but those associated with higher employee morale and greater output, as employees feel valued for their work (Living Wage Movement Aotearoa New Zealand, 2022).
2. Progressive Tax Reform
Our progressive tax reform policy is aimed at making taxing more equitable. Current income tax rates in New Zealand tax 33% from $70,000 to $180,000 and 39% over $180,000 (Inland Revenue, 2021). However, due to the size of the 33% bracket, a large portion of earners get taxed the same, despite having vastly different financial situations. Therefore, Pine party propose 33% tax bracket up to $100,000 with 3% increments from $100,000 to $140,000, $140,000 to $180,000, $180,000 and $300,000, finally, anything over $300,000 taxed at 45%. These brackets are consistent with Japanese taxation, except more progressive as the size of brackets are smaller and cap at 45% earlier (Japan External Trade Organisation, 2022). These new proposed brackets will only increase current taxation on incomes greater than $100,000, therefore, not negatively impacting low income earners.
3. Sustainable Industry Promotion
Pine party are committed to supporting and promoting sustainable industry. In line with our energy policy and SDG goal 7; relating to energy, we are committed to promoting clean and renewable energy. Therefore, businesses that invest in electric car fleets for their workers will receive a rebate between $5,000-$10,000 depending on vehicle size. Providing greater incentive than current clean car rebates (NZ Transport Agency, 2022). Additionally, we will take on 50% of the fees for large scale solar panel installation for kiwi businesses.
4. Rebates for Native Tree Planting
Pine party look to global initiatives such as the Portland Treebate (Portland Government, n.d.) when considering our financial policy. This initiative incentivises households to plant trees in exchange for a credit towards their utility bills. Our policy would integrate and adapt this policy to suit New Zealand ecosystem needs; specifically focusing on native trees that promote biodiversity. For every native tree planted kiwi households will receive the purchase price as a credit towards a utility of their choice. We believe this rebate will promote biodiversity, while helping to lessen financial pressure on kiwi households.
References:
Inland Revenue. (2021). Tax rates for individuals. Ird.govt.nz. Retrieved 19 September 2022, from https://www.ird.govt.nz/income-tax/income-tax-for-individuals/tax-codes-and-tax-rates-for-individuals/tax-rates-for-individuals.
Living Wage Movement Aotearoa New Zealand. (2022). New Living Wage Rate Announced. livingwage.org.nz. Retrieved 17 September 2022, from https://www.livingwage.org.nz/.
NZ Transport Agency. (2022). Clean Car Discount overview. Nzta.govt.nz. Retrieved 21 September 2022, from https://www.nzta.govt.nz/vehicles/clean-car-programme/clean-car-discount/overview/.
Portland Government. Treebate. (n.d.). Portland.gov. Retrieved 23 September 2022, from https://www.portland.gov/bes/grants-incentives/about-treebate.