So why argue this passionately against a non-existent tax that failed at the ballot box on A. assets that doesn't kick in until above $10 million by citing B. an income of near enough $0?
> You've never had a bill you couldn't pay? [...] Have you saved enough for your retirement or are you going to live off the backs of other New Zealanders?
I'm pretty sure that in either of those scenarios, there is no practical difference between having twenty million and twenty million minus $150,000 a year, reducing to zero by ten million, in assets.
> I've seen friends get big ACC payouts - and a few weeks later its all burnt on nothing.
Hmmm, sounds like they irresponsibly spent it somewhere in the economy. My guess is that they might have enriched people who have invested in medium to large businesses in the consumer discretionary sector, the sort of people who would have a net wealth north of $10 million. But since they were provided with, and I quote, "nothing" goods, the owners of the businesses providing those goods should have relatively no problem dealing with high taxation.
If you feel this doesn't apply to you, you might want to revisit your investments before complaining about hypothetical tax policy.