Maternity scans with what money? Labour’s CGT revenue is already spent

Labour has today promised to fund maternity scans through its capital gains tax, but the Taxpayers’ Union says the money has already been swallowed by other spending promises. Once again, Labour’s numbers do not add up.

Taxpayers’ Union spokesman James Ross said:

“Using recent housing market data, Labour’s CGT would raise just 38.6 percent of what Labour claims by 2029/30. The tax revenue wouldn’t even cover the cost of Labour’s three taxpayer-funded GP visits, let alone any new spending commitments.”

“Labour’s CGT revenue is already spent, and there’s no money left in that pot. Where is Labour expecting to find another $28.6 million a year?”

“There are only three ways Labour’s capital gains tax can raise enough to cover its promises: rampant inflation, spiralling house prices, or expanding the tax onto main homes, shares, or KiwiSaver. Labour needs to front up to New Zealanders about which one it is planning.”