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Shaw signals CGT could be on its way

Associate Finance Minister James Shaw’s statement today that he wants to see a Capital Gains Tax should strike fear in the hearts of New Zealanders, says National’s Finance spokesperson Amy Adams.

“The Green Party co-leader has given the clearest indication yet that a Capital Gains Tax could be coming, on the eve of the public release of the Tax Working Group’s final report.

“Mr Shaw has revealed a lack of deep thinking about the impact of yet another tax from this coalition Government with his claim that it is the answer to everything from the housing crisis to rates of pay.

“The Tax Working Group itself has dismissed the role tax could play in fixing the housing crisis and Mr Shaw doesn’t explain his claim that a tax on capital gains would ‘build a more productive, high-wage economy’. It is lunacy to think a new tax can boost productivity.

“What is clear is that a Capital Gains Tax would be a tax on the retirement savings of hard-working Kiwis, small business owners, the family bach, farms and direct investments in financial markets.

“New Zealanders don’t need additional taxes but that’s exactly what they’re being saddled with by this Government. That’s the reason we pay more than we need to fill up the family car and why rents are rising.

“There’s more to come, including further hikes in petrol taxes to bankroll a Government which is wasting billions of dollars on failed policies such as fees free tertiary education and a provincial slush fund for NZ First.

“National wants New Zealanders to keep more of what they earn. We won’t introduce any new taxes in our first term in Government. Instead we’ll focus spending on core services such as health, education and transport that contribute to better outcomes for New Zealanders and their families.”

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