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The Working Group had the opportunity to propose a fair capital gains tax. Instead, they have opted for an aggressive unfair tax, which applies at taxpayers’ full marginal tax rates, and even taxes inflationary gains.
And even though the Government explicitly ruled out the family home from a capital gains tax, properties larger than 4500 square meters will be subject to it. Apparently lifestyle blocks, farms, and semi-rural properties matter less than Wellington and Auckland penthouses and townhouses.
The measures to ensure revenue neutrality are a cynical mess. The Working Group fails to ensure revenue neutrality beyond five years, when capital gains tax revenue is expected to go through the roof. The medium-to-long term effect is a blatant revenue grab.
We could have supported a capital gains tax, if it was fair and reasonable. But overall, these proposals are on the extreme end and are anything but fair.
This proposal must be rejected. Sign up below to stay informed on the campaign.
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