Gordon Campbell: On Wealth Taxes And Capital Flight

In the wake of the Greens’ alternative Budget – and the criticism levelled at it – it seems pretty obvious that when it comes to tax policy, Labour’s only election campaign concession to left wing voters is going to be a capital gains tax (CGT). A wealth tax is not on the cards. Yet in the run-up to next year’s election, even a CGT is going to be demonised as a plunge into radicalism. It is a sign of just how restrictive the politics of progressive taxation are in New Zealand.