Which political party would make you better off?

Political parties have revealed policies over the past weeks that are likely to affect household budgets, should they take effect.We've compared a few scenarios to show how that might look for different sections of society.These are only for illustrative purposes.Scenario 1: Retired coupleFreehold home: $2 millionLand value: $1.1 millionOther income: About $15,000 a year on top of NZ Super, in one person's name.No children in their careNationalAt the moment, this couple's basic financial position would be broadly unchanged under a future National government.Finance Minister Nicola Willis has said National will campaign on some tax policies and has hinted that she wants to see tax brackets change, but also said that would not be appropriate, until the books were back in surplus.LabourA capital gains tax might register as an issue for this couple, but their family home would be exempt from Labour's proposed 28 percent capital gains tax, because it only applies to residential investment and commercial property.They would have access to up to three GP visits a year and free prescriptions for fully funded medicines from next July.OpportunityThe retired couple are the most affected by Opportunity's policies of any scenario we modelled.They would have to pay 1.75 percent annual urban land value tax, which would be about $19,250 a year for this property, although Opportunity says they could defer the tax until the property was sold.Opportunity proposes a $19,400-a-year Citizen's Income for each eligible adult and this would be topped up so that superannuitants received the same amount they currently get from the pension.Green PartyThis couple's home is well below the Green Party's $20 million wealth threshold for a couple, so there would be no wealth tax. They could also benefit from the Green Party's $10,000 tax-free income band.The Greens do have a 33 percent capital acquisitions tax in their policies, which would apply to inheritances above $1 million, with exemptions for family homes and farms. If the couple did not have children to pass the home to, the tax could apply to their estate.The Greens could leave them about $2769 a year better off.Te Pāti MāoriThis couple would be below the $4 million wealth tax exemption proposed by Te Pāti Māori for a couple, provided they have no other substantial assets.Te Pāti Māori proposes no tax on income up to $30,000, 15 percent from $30,001 to $60,000 and higher rates above that. That tax change would leave them about $7809 a year better off.A 5 percent stamp duty could matter, if they sold the home. On a hypothetical $2 million sale price, the gross amount would be $100,000. This is usually paid by the buyer.ACTACT has a goal of a two-rate income-tax structure, with a top rate of 28 percent. Its announced health policies could affect this couple indirectly, through greater Pharmac funding and expanded pharmacist treatment.NZ FirstIf one person was not a citizen, they could lose access to NZ Super from 2029.Scenario 2: Young first-home-owning familyHouse: $900,000Land value: $600,000Mortgage: $800,000Children: Two of primary-school ageIncome: One person earns $100,000 and the other $50,000.NationalIf they had not already bought their home, this couple could benefit from National expanding the First Home Loan scheme, which allows purchasers to have a deposit as low as 5 percent.National proposes to make this available to people earning up to $300,000 combined, twice the current level. At the moment, some people earning about $150,000 a year have to be careful their income does not exceed this limit, so they can still access the scheme.If they had another child, National's plan to extend paid parental leave to 30 weeks could help.National would make KiwiSaver compulsory from 2028, with contributions increasing to a combined 12 percent by 2032, which might reduce their take-home pay, but mean they saved more for retirement.LabourTheir family home would be exempt from Labour's CGT. The household could receive three free GP visits each and free prescriptions for fully funded medicines.Labour also proposes compulsory employer KiwiSaver contributions, eventually reaching 6 percent, even if an employee reduces or pauses their own contribution. That could be valuable in a household where money is tight, or someone is working part-time and cannot afford to make employee contributions.OpportunityThe family's annual land tax would be $10,500 a year, but the couple could also potentially receive two citizen's incomes of a combined $38,800 a year.Opportunity would also replace the current income-tax scale with rates of 28 percent up to $50,000, 34 percent from $50,001 to $200,000 and 39 percent above $200,000. Existing Working for Families or other payments might also be affected.The household could be about $13,836 a year better off.Opportunity also has a compulsory KiwiSaver scheme, eventually involving 6 percent employee, plus 6 percent employer contributions.Green PartyThe family would not be subject to wealth tax and would benefit from the tax-free first $10,000 of each adult's income. The higher earner could eventually move into the Green Party's top tax rate of 45 percent on income over $160,000 a year.They would be about $1086 a year better off.Te Pāti MāoriThe lower earner may be able to access the Income Tax Kai Credit, which is available to adults earning $60,000 or less. The party describes it as worth up to the equivalent of eight weeks of food each year.Because they are first-home buyers purchasing a house worth less than $1 million, they would not have had to pay stamp duty.The tax change would make them about $9236 a year better off.ACTACT's long-term lower and flatter income-tax model could reduce their income tax, particularly for a higher-earning partner.The couple would benefit from ACT's proposal to remove tax on KiwiSaver earnings. This would allow their balance to grow more quickly over time.NZ FirstIf they had more children, they would benefit from NZ First's Kiwi Kids Grant, of up to $5000 per child per year for three children.New Zealand First also proposes automatically enrolling newborn New Zealand citizens in KiwiSaver, with a $1000 government contribution. That would not apply retrospectively, so the existing children would not benefit.Scenario 3: Single 55-year-old apartment ownerApartment value: $750,000Mortgage: $200,000Income: $85,000 a yearNationalThere would be no major change for this household, unless National was able to progress its tax plans.LabourThe apartment is the person's family home, so it would be excluded from Labour's CGT. Their direct benefits could include three free GP visits per year, free prescriptions and potentially higher compulsory employer KiwiSaver contributions.OpportunityThe amount of land tax due would depend on the share of the underlying land value that the apartment owner has. They could receive the $19,400 Citizen's Income, offset by the new income-tax scale and the land tax.Green PartyThey would gain from the tax-free threshold and could be about $553 a year better off. The $10,000 tax-free band saves about $1000 a year in tax, but the Greens would increase higher tax brackets.Te Pāti MāoriIf they sold the apartment for $750,000, the headline 5 percent stamp-duty amount would be $37,500, unless the buyer was a first-home buyer. They might save income tax on the new schedules of about $5000 a year.ACTThe apartment does not attract an ACT wealth or capital-gains tax. A lower, flatter income-tax structure could reduce their tax bills.The person could benefit from any move to remove tax on KiwiSaver earnings.NZ FirstNo major impact, unless they own a business with turnover below $30 million, in which case the tax rate could drop from 28 percent to 30 percent.Simplicity chief economist Shamubeel Eaqub said it was important to note that tax, spending, investing and borrowing were all linked, and it was not possible to make one change and keep everything else constant. A change in tax revenue, for example, would necessitate changes in spending.He said, on the PREFU track, health baseline spending would fall in real terms by 2031, unless future Budgets topped it up.Westpac chief economist Kelly Eckhold said it was hard to take any policy at face value, because every party would face trade-offs, as it went into negotiations."The problem with all of this is they are saying what they would do if they were in charge, but no single party is going to be in charge."Recent years had shown how the global environment could change the domestic picture.He said there seemed to be an increasing focus around the world on fiscal sustainability, which was showing up in bond prices."For a country like New Zealand, that's something to keep in mind."Higher bond rates were more expensive for the government to manage, he said, and would flow through to higher long-term interst rates for New Zealand households.Sign up for Money with Susan Edmunds, a weekly newsletter covering all the things that affect how we make and spend money.