Labour’s Capital Gains Talk Signals a Tax Grab Fantasy

The Taxpayers’ Union is pushing back on comments from Labour leader Chris Hipkins, who has hinted that a capital gains tax might be back on the table despite the economy struggling under the weight of existing taxes.

Taxpayers’ Union spokesperson Tory Relf said:

“Labour is recycling a failed idea that New Zealanders have already rejected. A capital gains tax punishes investment, hits small business owners, and makes it even harder for hardworking Kiwis to get ahead.”

“Capital gains taxes are inherently taxes on savings, investments and the very things New Zealand needs to be able to grow the economy. They are inherently an unfair tax - taxing savings and retirement nest eggs over and over again for politicians like Chris Hipkins to flutter."

“If Chris Hipkins is serious about turning the economy around, he should rule out any new taxes. That’s the bare minimum Kiwis should expect right now.”