Labour leader Andrew Little says the Green Party's tax policies will not influence its own no new taxes pledge.
He says Labour will not campaign to introduce a capital gains tax, even though the Green Party is pushing for one.
Mr Little said the party's tax policies would be finalised after the Budget in May and "the numbers would decide" how much influence the Greens would have after the election.
Mr Little said Labour wanted reinvestment in education, health and housing. It would set up a working group to review the entire tax system on the principles of fairness.
Labour and the Greens will announce next week what principles they will use in their approach to economic policy, under their co-operation agreement for the election.