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icount Members Push for Capital Gains Tax

MEDIA RELEASE 13 August 2008 Release Date: Immediate Release

icount Members Push for Capital Gains Tax Introduction

icount Party members have voted for the introduction of a capital gains tax. Last year the OECD indicated that the introduction of a capital gains tax in New Zealand would alleviate our reliance on property as a savings vehicle. However it seems that the current political climate makes the introduction of a capital gains taxation too risky for parties to propose.

icount Party President Paul O’Connor says that “It had been suggested that the icount system of party political voting would not result in members voting for any increases in taxation. However this shows that the members can vote for what is right for New Zealand and not just for their own personal gain. This result shows that current politicians need to show better leadership in order to move New Zealand forward.”

One icount member’s recent blog captured icount’s view: “Capital gains tax needs to be taken seriously as it can provide a positive impact by correcting an unbalanced tax structure that creates market irregularities. The problem with having no capital gains tax is that it makes income earned from increasing property valuables more profitable than all other forms of income.

This means there is an increased incentive for individuals to speculate on property, which means property prices go up, more speculation follows, and this creates a price bubble.”

icount recognises that further research will need to be undertaken on the policy details (such as the of exclusion of primary residences), and icount sees analysis of other countries taxation systems as well as clarification of the current ‘intention-test’ a starting point. It is estimated that the policy will increase tax revenue by $1.4 billion based on the Australian Tax Office figures.

icount believes that the timing of a capital gains tax is ideal due to the current slump in the housing market.

The icount Party is based on members having their say on issues, voting and then taking those votes directly to Parliament. The icount Party site can be viewed at www.icount.co.nz.

ends

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