Will’s Word: Do these taxing times call for bold shake-up?

Let's chat about everyone's favourite topic: Tax!

Once again, debate is stirring over who should pay what, how much, and whether our system is fair.

A recent UN report reckons the world's tax system, including New Zealand, should take a closer look at how tax is applied, more specifically, to the wealthiest.

Apparently, the rich aren't paying their fair share, GST is unfair to those on lower incomes, and we should be doing better.

So what's the damn alternative? Scrap GST? Sounds nice. Until you realise it brings in a chunk of government revenue.

We could slap higher taxes on the mega-rich, but then there's that argument - won't they just shuffle their money around to avoid it, or flee and take their money with them overseas?

We always hear political parties on the left talking about a more progressive tax system, which, simply put, would mean higher-income earners would pay even more.

It's what we have now, but could those with higher incomes be slapped with even more tax?

Or do we go the other way and have a flat tax, where everyone pays the exact same rate? That might seem fair on paper, but I can hear the arguments where it could hit lower-income earners the hardest.

Listen to Will’s Word on Facebook below.

“Capital gains tax”, “wealth tax”, “land tax”, you name it. Political parties have been harping on about it for quite some time.

But here's the ugly truth. There is no perfect system. Maybe the system we have now is good.

You've got to ask though, do we stick with the status quo? Do we tweak it, or go for a bold new shake-up?

I have an appetite for a bold new shake-up. How about you?

That's Will's Word.