Economist and commentator, Gareth Morgan, has begun releasing the policy platforms that his new party, The Opportunities Party, plans to contest next year’s election on. Fairness seems to be his watchword and – within limits – who can argue with that aspiration? But whatever “fairness” means, it doesn’t automatically translate into an obvious set of policy prescriptions.
The first policy he announced was that on tax (document here, and lots of FAQs here). The centrepiece on the tax policy is to apply a deemed rate of return to (the equity held in) all productive assets (including all houses) and tax that deemed rate of return at the owner’s marginal tax rate. Own a million dollar house freehold and if the deemed rate of return was 3 per cent, you’d have an additional $30000 added to your assessed annual taxable income and those on the top marginal tax rate would have to pay…
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Utopia, you are standing in it! 
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