The Greens' Plan to Tax Wealth and Give Everyone a Minimum Income

The Green Party released its tax plan for the 2026 election on 21 June. It has three main parts: a new wealth tax on the richest New Zealanders, a higher tax-free threshold for ordinary workers, and a guaranteed minimum payment of $385 per week for every adult in the country.

The party says this plan would give 96 percent of New Zealanders a tax cut. It would raise money by taxing people who own more than $2 million in assets, as well as introducing taxes on capital gains and land value — things New Zealand doesn't currently tax at all.

How the wealth tax would work

Under the plan, anyone with net assets above $2 million would pay 2.5 percent tax each year on those assets. "Net assets" means what's left after you subtract mortgages and other debts — so a farmer with valuable land but a big mortgage would owe tax on the difference, not the full value of the farm.

This matters because it's designed to target people with accumulated wealth rather than those with expensive properties but high debt. It does mean, though, that asset-rich farmers or small business owners with property-heavy balance sheets might need to sell some assets or borrow money to pay the tax each year. How the Greens would handle this situation isn't explained in their summary.

The tax-free threshold

The plan raises the tax-free threshold to $10,000. Right now, New Zealand taxes income from the first dollar you earn. The change would mean the first $10,000 of income you earn each year wouldn't be taxed at all. This would give everyone the same flat benefit, though it would help lower-income earners most because the $10,000 matters more when you earn less overall.

The party also proposes a small tax increase for people earning $160,000 or more.

The guaranteed minimum income

Every New Zealander would get at least $385 per week after tax, whether they're employed or not. This is different from current benefits, which only go to people in certain circumstances — unemployment, disability, caring for children, and so on. The new system would give everyone a floor.

For someone working full-time at the minimum wage (which is about $450 per week before tax), the guarantee wouldn't change much. But for people in part-time work, casual jobs, or outside the workforce entirely, the extra money could make a real difference.

Where this sits in New Zealand politics

New Zealand doesn't have a wealth tax or a capital gains tax. Both have been discussed on and off for years. The 2019 Tax Working Group recommended a capital gains tax, but Labour declined to introduce it. The Greens' plan goes much further: it combines three different new taxes — on wealth, capital gains, and land value — which creates complicated questions about how they'd work together.

The Greens are in opposition and don't have the numbers to pass this plan on their own. For any of this to happen, they would need Labour or other parties to support them, or a change of government. What the plan does do is set out a clear tax position heading into the election — one that's different from what Labour and National have said they want. It forces a debate about taxing the wealthy that neither of the two larger parties has been willing to start.

The design challenges ahead

The main question for people analysing this plan will be whether it actually raises the money the party claims. The wealth tax in particular needs careful thought about how asset-rich, cash-poor people would manage the annual payments. A land value tax on top of that would also create overlaps — some landholders would face two taxes on the same asset — that would need sorting out in the detailed design.