FAIRNESS: TOP leader Gareth Morgan speaking at the Tauranga Boys College's auditorium last night about tackling wealth inequality. PHOTO/ANDREW WARNER
FAIRNESS: TOP leader Gareth Morgan speaking at the Tauranga Boys College's auditorium last night about tackling wealth inequality. PHOTO/ANDREW WARNER
By Sandra Conchie
Eighty per cent of the population would have more money in their pockets under TOP's tax reform policy, the party's leader claimed at a Tauranga meeting.
Gareth Morgan outlined The Opportunities Party's key policies to a 200-plus strong crowd which packed out Tauranga Boys' College auditorium lastnight.
During a show of hands, the majority of the audience indicated they were attending their first TOP meeting.
Mr Morgan said the first question he had for the audience was whether they cared about wealth inequality.
"We've had rising inequality in this country since 1990, which was the year of the Mother of all Budgets, and 27 years on there is no evidence whatsoever of any economic trickle down effect," he said.
Mr Morgan said TOP's asset tax policy would fix the inequality in the country's tax system by ensuring assets were taxed. This would also increase wealth fairness.
"Closing this tax loophole will allow us to cut income taxes by up to 30 per cent, leaving 80 per cent of people better off," he said.
Mr Morgan said TOP would slash the tax rates of salaries and wages and ask the owners of assets to pay more.
"This is nothing to do with capital gains tax. I hate capital gains tax. Think of it as a wealth tax if you would," he said.
"Our tax policy may appear radical, but not by international standards as most countries have a wealth or asset tax. We have to do something as the gap between the rich and the poor is growing," he said.
