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Alliance's land tax would penalise the elderly

The Alliance's proposed land tax would penalise elderly new Zealanders with
modest investments, Minister for Senior Citizens David Carter said today.

"This proposal is absurd coming from a party that trumpets itself as caring
about elderly New Zealanders," Mr Carter said.

"This is not about caring for anyone, least of all the elderly. It is about
the politics of greed and envy," Mr Carter said.

"It is estimated that more than half the investors in investment schemes are
retired people or people saving for their retirements.

"These investment schemes almost invariably include some commercial property
in their portfolios.

"The proposed land tax would reduce returns on such investments by between 25
to 33 percent," Mr Carter said.

"That means ordinary New Zealanders who are trying to create some form of
independent income for themselves could end up subsidising their rich
neighbour's children through university.

"That is simply not fair. These elderly are not rich people. They are
ordinary New Zealanders who have worked hard and budgeted carefully so they
have a small nest-egg for their retirement.

"Now the Alliance wants to rob the nest," Mr Carter said.

"The tax would also force people to invest in overseas property," Mr Carter
said.

The Alliance this week announced its tertiary education policy which includes
a proposal to phase out student fees and to pay for it by introducing a new
tax on commercial land valued at more than $500,000.

Ends

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