Labour is cooking up a new capital gains tax and needs to come clean with New Zealanders about it, National’s Finance Spokesperson Nicola Willis says.

“Make no mistake: Labour have always wanted a capital gains tax, they still want one and they are more determined than ever to impose one,” Ms Willis said at the National Party’s Northern Region Conference.

“The only thing they haven’t finalised yet is its new name and how they’ll spin it. The Prime Minister must rule it out. That he won’t tells you everything you need to know.

“Remember, this is the same Chris Hipkins who once proudly tweeted, ‘Husband and wife with rental property approached me today to say they like capital gains tax, they think it’s fairer, me too!’

“This is the same Chris Hipkins who said he’d put on hold Grant Robertson’s plans for a Jobs Tax funded income insurance scheme. And yet, the work continues at pace, with ads going out just this week for two new policy advisors to join the Jobs Tax team.

“This is the same Chris Hipkins who empowered David Parker as his Minister for Revenue to let-rip with his big-tax fantasies, the same David Parker who last year came up with the KiwiSaver tax, and who wears his hatred of wealth so proudly on his sleeve.

“I’m told detailed new tax ideas have already been discussed at Cabinet. New Zealanders deserve to know what’s been discussed and why the Government is being so secretive about their plans.

“Labour has always resented success. They can’t wait to grab at the hard-won gains of every Kiwi who has built a business or invested their savings and prepared for their retirement.

“Just as Three Waters became ‘Ten Waters’, but Labour’s agenda of confiscating assets, stripping local control, and imposing mandatory co-governance remained, so it is with capital gains tax.

“They’ll call it something new, they’ll make new excuses for it, they’ll try every trick to avoid scrutiny, but their long-standing desire to launch an envy-driven tax-grab has not changed.

“Everyday Kiwis will pay the price. Anyone who’s built up savings in a KiwiSaver account, who’s invested in a small business, or who’s putting money aside for a rainy day, is in Labour’s sights.

“New Zealanders can’t trust Labour on tax.

“National’s plans are clear. We say no to a capital gains tax. We say no to an inheritance tax. We say no to a wealth tax. We say yes to reducing tax paid by working people. If we are elected this year that’s exactly what we will deliver.”

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