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Capital Gains Tax A Bad Idea


Capital Gains Tax A Bad Idea

A capital gains tax is an inefficient envy tax that will do nothing to improve housing affordability, ACT Leader John Banks said today.

“Only Labour and the Greens would try to make something cheaper by adding a tax to it,” Mr Banks said.

“Australia, Canada, and the United States all have nationwide capital gains taxes and all have had bigger national or regional housing bubbles than ours.

“The biggest factor driving up the cost of housing – especially in Auckland - is the lack of land available for new residential housing. As long as councils continue to artificially restrict the supply of land via urban limits, land, and therefore houses, will always be more expensive than they otherwise would. A capital gains tax won’t change this.

“Government should focus on making it easier to build more houses by preventing artificial restrictions on land and removing red tape around building permits, rather than taxing the houses we already have,” Mr Banks said.

ENDS

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Election Day: Make Sure You're A Part Of It!

Saturday 20 September, is election day, and New Zealanders’ last chance to have a say on who leads the country for the next three years.

“The people and parties we elect tomorrow will be making the decisions that affect us, our families and our communities,” says Robert Peden, Chief Electoral Officer. “It doesn’t get much more important than that, and we need all New Zealanders to use their voice and vote.”

Voting places will be open from 9.00am until 7.00pm on election day. The busiest time at voting places is usually 9.00am - 11.00am.

“Take your EasyVote card with you when you go to vote, as it will make voting faster and easier, and vote close to home if you can. But don’t worry if you forget your card, or didn’t receive one, because as long as you are enrolled to vote, your voice will be heard,” says Mr Peden. More>>

 

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