The Government's binned tax switch would have seen Kiwis get a $20-a-week-tax cut paid for by a handful of wealthy Kiwis, but how much would it have cost them?
On Wednesday, documents revealed the Government wanted to introduce a tax-free threshold of $10,000, which would have seen every Kiwi that earned over $10,000 receive a tax cut of about $20 a week.
Finance Minister Grant Roberston told the media, in his view, it was "the best way to deliver tax relief" to struggling Kiwis.
But the policy wouldn't have been cheap, costing $10 billion - which is why the Government considered a wealth tax to pay for it.
Under the Government's now-torched proposal, a 1.5 percent tax would have applied to net wealth (assets fewer liabilities) of more than $5 million for an individual or $10 million for a couple.
That would exclude some personal assets, like the family home, and the tax would only apply to the wealth above the $5 million or $10 million threshold.
The Government said the wealth tax would have only captured about 46,000 New Zealanders.
Looking at an individual who has a net wealth of $6 million, the 1.5 percent tax would've appled to just $1 million above the threshold.
If a couple had a net wealth of $15 million, the 1.5 percent tax would apply to the $5 million over the $10 million threshold.
On Wednesday, Prime Minister Chirs Hipkins ruled out the wealth tax or a capital gains tax if Labour wins October's election, "end of story".
But the Green Party, Labour's prospective coalition partner, wants a wealth tax. On Wednesday co-leader James Shaw talked tough, threatening to scupper Labour's path to power by refusing a coalition deal.
"Sitting on the crossbenches is a possibility for us, we have always said that."
However, National and ACT have said Labour can't be trusted in its slamming shut the wealth or capital gains tax storybook.
"You cannot trust Labour on tax," said National leader Christopher Luxon.
"If they have the chance to loot more money, they certainly will," ACT leader David Seymour said.
