Labour’s envy tax would ruin New Zealand's economic prosperity

The Taxpayers’ Union is slamming the Labour Party following reports that the party is actively considering adopting a capital gains tax or wealth tax policy.

Taxpayers’ Union Policy and Public Affairs Manager, James Ross, said:

“Envy taxes like these are really taxes on entrepreneurship, innovation and risk taking. A tax on wealth or capital would send our best and brightest packing, taking jobs and businesses with them.

"Pitting New Zealanders against each other might be Labour's politics, but it is certainly not what’s best for our country.

“If Labour really cared about inequality, they would have focused on spiralling housing costs when they had an unprecedented single-party majority. If Labour cared about balancing the budget, they would have cut the billions of dollars of wasteful spending that was occurring under Grant Robertson. They did neither, and are now resorting to lazy envy politics to blame wealth creators for the problems they caused in government.

“If Chris Hipkins is serious about leading the country again, he needs to unequivocally rule out introducing any form of envy tax in New Zealand.”