Greens Unveil Revised Tax Plan Targeting Super-Rich and Multinationals Ahead of 2026 Election

On 15 June 2026 the Greens released a tax platform proposing a 2.5 % “super-rich tax” on net assets above $10 million, a 33 % inheritance and gifts levy above $1 million, a corporate tax rise to 33 % for firms with turnover over $30 million, and a 0.06 % levy on banks.

Greens water down wealth tax targeting as 2026 election nears

The Greens have narrowed their wealth-tax focus from a 2.5 % levy on assets above $2 million in 2020 to a “super-rich” target, with the NBR Rich List showing 150 individuals and families holding $129 billion. Budgets promised $88 billion; Labour leader Chris Hipkins called them “unrealistic” and Prime Minister Christopher Luxon warned of a “wrecking ball”.

Greens water down wealth tax targeting as 2026 election nears

The Greens estimate $15.8bn from a super-rich tax, $4.1bn from inheritance tax, $5.9bn from a corporate tax hike, $1.6bn from a banks levy, $4bn from interest-deductibility reversal and bright-line extension, and $10bn from income-tax reforms, totalling over $32bn.

Greens water down wealth tax targeting as 2026 election nears

Revenue Minister Simon Watts warned there is “no safe harbour if you’re not complying with the law” and said IR’s compliance programme covers all entities, while Inland Revenue chief Peter Mersi affirmed department will “enforce the law.” Finance Minister Nicola Willis announced a $209 million bank levy, and Brad Olsen said costings are reasonable but flagged overlapping changes.

The New Zealand Herald

Chris Hipkins called the Greens’ prior tax ambitions a “huge spend-up” and “unrealistic.” Luxon warned the plan would be a “wrecking ball.” Treasury analysts flagged capital-flight risk and valuation challenges for illiquid assets. The Taxpayers’ Union warned a 33 % inheritance tax could impose a $1.2 million bill on a dairy farm.

Greens water down wealth tax targeting as 2026 election nears

Miller’s 2023 report estimated a $130 million gain from a 5 % withholding rate on tech-company service fees; a later update put the five-year loss at over $600 million from eight large tech firms. Greens’ revenue projections rely on assumptions that Treasury and analysts say are hard to model, creating a gap between projections and likely outcomes.

The New Zealand Herald

• “What we so often construe as a cost of living crisis is not hitting everybody equally, and I think it’s far more fairly characterised as a cost of greed crisis,” — Chlöe Swarbrick, co-leader

The New Zealand Herald

• “All New Zealanders deserve the opportunity to thrive,” — Chlöe Swarbrick

The New Zealand Herald

• “ Co-leader Marama Davidson said if “everyone contributes fairly”, there would be “more than enough” for services like health and education and to help Kiwis with the cost of living.” — Marama Davidson, co-leader

The New Zealand Herald

• “The loss of tax to New Zealand from the minimisation strategies used by the companies discussed in this report, and other corporate groups, is significant, potentially running into the hundreds of millions of dollars each year,” — Nick Miller, specialist

The New Zealand Herald

The Greens will seek coalition leverage with Labour, whose tax agenda remains limited. Negotiations will decide whether any super-rich or corporate measures survive a post-election government, making the package a pivotal bargaining chip in the run-up to the 2026 vote.

Greens water down wealth tax targeting as 2026 election nears