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Govt won’t rule out tax grab on retirement savings

Govt won’t rule out tax grab on retirement savings

The Finance Minister is refusing to rule out a tax grab on the retirement savings of hard-working New Zealanders, National’s Economic and Regional Development spokesperson Paul Goldsmith says.

“When asked directly in the House today if he could rule out putting more tax on Kiwi savings, Grant Robertson was unable to give a straight answer and was only prepared to say it was a work in progress.

“Taxing KiwiSaver more is the last thing we need. It won’t help Kiwis get ahead.

“There are now 2.87 million New Zealanders invested in Kiwisaver funds and their combined nest egg has grown to more than $50 billion. The Government should be re-assuring Kiwis that it won’t raid their long-term savings to bankroll its excessive spending plans.

“Currently the capital gains element of retirement savings isn’t taxed, which is an obvious part of the incentive to save.

“The working group has recommended a package of modest incentives to encourage low and middle-income people to save more for their retirement. But it would be disingenuous for the Government to appear to be giving with one hand while intent on taking much more with the other, via a tax on capital gains.

“Rather than devising ways to take more money from New Zealanders, the Government should be reining in its low-quality and untargeted spending.

“National believes New Zealanders should be able to keep more of what they earn. The tax system should encourage productive investment and savings, not penalise those who try to get ahead.

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