Green proposals to tax corporate excess profits

The Green Party today put forward proposals to ensure big business profiting from high inflation is taxed fairly and the money is used to help people make ends meet.

“A tax on excess profits would be a simple and effective way for big business to pay their fair share, unlocking the resources we all need to live in dignity, put a roof over our heads and food on the table,” says Green Party Finance. spokesperson, Julie Anne Genter.

“Right now, when thousands of children are hungry, supermarkets are raking in excess profit of over a million dollars a day. As people struggle to pay the mortgage and their rent, Australian banks are realizing record profits of more than $6 billion While the tamariki shiver as they fall asleep, the energy companies are generating eye-popping profits.

“And yet, having done nothing to earn it, almost every dollar of corporate excess profit goes straight into the padded pockets of shareholders and corporate executives – instead of being shared among all of us. It’s not just not fair.

“The Green Party does not accept big business killing profits while tens of thousands of families struggle to make ends meet. Our position is clear: when large companies derive excessive profits from a change in circumstances that affects us all, these profits must be shared.

“We are committed to a fair and progressive tax system where the wealthiest pay their fair share so that we can fund strong public services and ensure that the poorest have enough to live on.

“Today we released a discussion paper exploring how an excess profits tax could be designed – and how the extra revenue should be spent. We are also considering the alternative of raising corporate tax rates to that all profits are taxed more.

“As we reflect on a period of unprecedented growth in corporate earnings, now is the time to start a conversation about how we are rebalancing the tax system to support those who need it most – and we invite all Neo -Zealanders to express themselves”, Julie Anne Gentil.

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