Bruce Bernacchi: Tax expert says the wealthy earn a substantial amount from legally untaxed capital gains

A tax expert says the Government's wealth report covers what we already know.

Inland Revenue's wealth report shows the top one percent of earners pay a median effective tax rate of 9.4 percent when including capital gains on investments.

That's compared to an estimated 20 percent for "middle wealth" people.

Dentons Kensington Swan tax partner Bruce Bernacchi told Kerre Woodham the wealthy earn a substantial amount from legally untaxed capital gains.

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