MEDIA RELEASE Tax Working Group
proposes capital gains tax in all but
name
20 SEPTEMBER 2018 FOR IMMEDIATE
RELEASE
Extending the net of capital
income taxation will still hit taxpayers, says the New
Zealand Taxpayers’ Union.
Taxpayers’
Union Economist Joe Ascroft says “This report will do
nothing to inspire confidence in the business sector or
boost the economy.”
“While the Group isn’t backing a
separate capital gains tax regime, the Group’s capital
income tax proposal functions effectively as a capital gains
tax with shares and other assets to be subject to tax on
realised capital gains. They may fool people in the short
term, but it looks like a duck and quacks like a
duck.”
“There seems to be lots of excitement around
using the tax system to improve the environment. Small
businesses will be angry with a proposed increase in the
waste disposal levy, while motorists won’t appreciate a
strengthening of the emissions trading scheme when they are
already being slammed at the petrol
pump.”
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