Aren’t wealth taxes very difficult to implement?

Although there are inevitably implementation challenges with introducing new forms of taxation, these challenges are surmountable and do not outweigh the need to rebalance our tax system nor the benefits of doing so for all New Zealanders.

Other countries already have wealth taxes, more have had them in the past, and a number of jurisdictions are considering wealth taxes at the moment. In recent years, thanks to strengthened international cooperation, information sharing and anti-money laundering efforts, it has become much more feasible for authorities to identify the beneficial owners of companies and assets and to value their wealth (using, for instance, equivalent values for private companies as their publicly-listed counterparts, and insurance values for assets like art).