Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

CGT Reactionary, Ruinous, Retrograde and Wrong - Brash

CGT Reactionary, Ruinous, Retrograde and Wrong - Brash

It's a sad day when the Labour Party retrieves and brandishes rusty old bludgeons from nasty old socialist dungeons, says ACT New Zealand Leader Dr Don Brash.

Responding to Labour's proposals for a Capital Gains Tax of 15 per cent and increased personal tax rates on incomes above $150,000 announced today, Dr Brash says Labour has blown an opportunity to re-establish itself as a forward-looking party that is economically as well as socially liberal, as the Lange-Douglas Government was. It has addressed a real crisis with an unrealistic, unimaginative and unwieldy solution, fraught with exceptions and exemptions.

"What we need right now is to grow the economy, not the government," says Dr Brash. "This is not a time to be introducing new taxes and raising existing ones. Labour's CGT is quite simply a proposal to punish success. It is politics and economics as if envy mattered.

"A Capital Gains Tax means you are clobbered twice: once when you create or earn wealth, the second time when you dispose of it. The fact that we already have it in some form is no excuse for extending it.

"Yes, our fiscal situation is serious. But the main reason for that is the on-going failure of successive governments to bring their own spending under control. And the main reason for that is burgeoning monolithic government that would have even Michael Joseph Savage, Peter Fraser and Walter Nash rolling in their graves.

"These champions of the common man and woman would be ashamed of what Phil Goff is advocating. Imagine their reaction to taxing profits on the sale of family baches!

"Under Michael Joseph Savage in the late thirties, government spending was about 20% of GDP. Under Michael Cullen, in 2005, it was 29%. It is now around 36%.

"ACT proposes in the short term to reduce it to Michael Cullen's level. Long term, we advocate a serious assault on both spending and taxes, with the former capped and the latter low and flat. We want an ethos where entrepreneurialism is celebrated and success rewarded. I'll be announcing detailed policy in due course.

"Phil Goff has gambled that pushing the envy button will return Labour to the treasury benches. Every indication thus far is that he's underestimated the intelligence and common decency of the electorate with this retrograde and unseemly policy," Dr Brash concludes.

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Our Unreal Optimism About The Economic Impact Of Coronavirus

At this week’s Chinese New Year celebrations, PM Jacinda Ardern was resolutely upbeat that business with China would soon bounce back to normal – better than ever, even - once the coronavirus epidemic has been brought under control. To Ardern, the adversity has only accentuated just how close we are to Beijing Nothing wrong with being upbeat, if it can calm the nerves and turn business sentiment into a self-fulfilling prophecy. The problems begin when the optimism detaches itself from reality. What has been very odd so far about the coronavirus episode is that global share markets – normally spooked by mere sneezes or sniffles in the world’s major economies - have continued to be fairly positive, even as the epidemic has unfolded... More>>

First Published on Werewolf here


 

Vaping: Government To Regulate Products

No sales to under-18-year-olds No advertising and sponsorship of vaping products and e-cigarettes No vaping or smokeless tobacco in smokefree areas Regulates vaping product safety comprehensively, - including devices, flavours and ingredients Ensure ... More>>

ALSO:

Gordon Campbell: On The Political Donations Scandals
Even paranoids have real enemies. While there has been something delusionary about the way New Zealand First has been living in denial about its donations scandal, one can sympathise with its indignation about Paula Bennett and Simon Bridges being among its chief accusers. More>>

ALSO:



UN Expert: NZ Housing Crisis Requires Bold Human Rights Response

This is a press statement from UN Special Rapporteur on the right to housing at the end of her 10-day visit to New Zealand. The Government of New Zealand has recognized that the country is facing a housing crisis, said Leilani Farha, UN Special Rapporteur ... More>>

ALSO:

2020 And Beyond: National’s Economic Plan

National Leader Simon Bridges has today outlined National’s economic plan heading into election 2020. “National understands the economy and how it impacts on New Zealanders day to day lives... More>>

ALSO:


 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 


 

InfoPages News Channels