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National would repeal Capital Gains Tax

Simon Bridges - Leader of the Opposition

26 November 2018

National Leader Simon Bridges says there will be no Capital Gains Tax under a National Government, it would repeal a CGT if put in place by the Labour-led Government and there wouldn’t be any new taxes in its first term.

The announcement was made today in Auckland, as National also launched its ‘Have your Say’ Families campaign.

“Michael Cullen’s Tax Working Group has announced it is putting together two options for a Capital Gains Tax. Even the Tax Working Group has conceded that this won’t fix the housing market but will lead to higher rents for those who can least afford it.

“Under this Government rents have risen 2.5 times faster than under National. This is because of a raft of poor policy decisions including imposing new taxes and regulations on landlords including ring fencing of losses, extending the bright line test, changing the Residential Tenancies Act and introducing more costly standards.

“A Capital Gains Tax is a tax on small business owners and entrepreneurs, people who have worked hard for decades to grow the value of their business, paying tax and employing people, only to get whacked with yet more tax when they sell for retirement.

“This Government claims to be kind, but these policies are hurting Kiwi families. A Capital Gains Tax would only add to the pain.

“A Capital Gains Tax would also affect everybody’s KiwiSaver, directly taxing people saving for their retirement.

“Kiwis pay more than enough tax already. If this Government reined in its wasteful spending it would be able to continue increasing funding for core public services without more taxes.

“National is committed to helping families get ahead. Under this Government petrol and rents are increasing. Nobody’s doubting that this Government has good intentions but those good intentions have consequences that are doing more harm than good.”

ends

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