Taxpayers' Union-Curia November poll: capital gains 'inflation tax'

New Taxpayers’ Union-Curia polling shows significant public opposition to Labour’s decision to tax nominal capital gains, including from Labour voters themselves. 

61 percent of New Zealanders think any Capital Gains Tax (CGT) should be based only on real, inflation-adjusted gains, not nominal increases. Only 39 percent support taxing nominal gains.  

Among Labour’s own supporters, 69 percent say a CGT should apply only to real gains, compared to just 31 percent who say it should also apply to nominal gains.

Taxpayers’ Union spokesman, James Ross, said: 

“After a year of workshopping, Labour have somehow produced a new tax that even their own voters know is wildly unfair.” 

“Chris Hipkins promised a more open, member-driven policy process. Yet not only do Labour voters not back Hipkins’ inflation tax, they are the most opposed to the policy of any party’s voters.” 

“More than half of the capital gains on housing over the last ten years have just been inflation, largely caused by government overspending. Most people can clearly see that causing inflation then taxing people for it simply isn’t fair.”