UPDATE: Â This article has been subject to a complaint. Â Please refer to the end for a correction.
Ben Heather is all over the place with this article. Â Not sure if he had an off day or he doesn’t understand what he’s on about.
Headline:Â Millionaire number grows since loophole closed
More New Zealanders are earning millions, but the culprit may be a crackdown on tax dodgers rather than newfound wealth.
Latest figures show 830 Kiwis declared more than $1 million in income in the 2012 financial year, paying $510m in tax.
The number of self-confessed millionaires has been trending upwards since at least 2003, with the exception of a sharp drop in 2011, attributed to a tweak in tax rates.
In Wellington alone, there were 140 millionaires, nearly triple the number recorded in 2003.
Auckland had the most, with 430, and had experienced a steep rise over the past decade.
The figures, released under the Official Information Act, came amid increased concerns over inequality. Recent reports have highlighted growing child poverty, income equality and rising demand at food banks.
It’s all on here. Â Where are we going with this?
- People who declared an income in excess of $1M are millionaires
- People who have assets exceeding $1M are millionaires (inferred)
- Government tax reform is forcing more $1M income earners to fess up
- Major cities are the cause (or result) of millionaires (unsure if income or assets)
- This is the final nail in the coffin over income inequality
Talking about flailing about wildly. Â Read more »