Taxpayers’ Union welcomes ruling out of wealth and capital gains taxes – but Hipkins must go further

The Taxpayers’ Union has welcomed today’s announcement from Chris Hipkins ruling out a wealth or capital gains tax under any future government he leads, but is calling on him to extend this commitment by promising no new taxes whatsoever.

Reacting to the announcement, Taxpayers' Union Campaigns Manager, Callum Purves, said:

“This is the announcement many New Zealanders and overseas investors have been waiting for and we are glad the Prime Minister has recognised how economically – and politically – unviable these two proposals are.

“Countries cannot tax themselves to prosperity. Now it is time for Mr. Hipkins to outline his vision for a high-growth, high productivity New Zealand that makes this country an attractive place to live, work and invest.

“Part of this vision must firstly be a commitment to no new taxes, a promise made (but not kept) by his predecessor Jacinda Ardern. Business owners, investors and workers need certainty that there is a future of opportunity and reward for those who work hard, something that is not tenable when new taxes are imposed.

“A commitment to no new taxes must be clear that this also means not extending any existing taxes such as those on incomes, companies or trusts."