Open Door to Higher Taxes? Hipkins Under Pressure After Russell Signals CGT Could Grow

The Taxpayers’ Union is calling on Labour leader Chris Hipkins to clarify his party’s position after Labour’s Revenue spokesperson Deborah Russell refused to rule out expanding their proposed capital gains tax.

“Deborah Russell’s refusal to confirm Labour’s capital gains tax goes far enough should ring alarm bells for taxpayers,” said Taxpayers’ Union spokesperson Tory Relf.

“When the person in charge of tax policy won’t rule out going further, it’s a clear signal this tax could expand.”

“Our analysis already shows Labour’s proposal is unfair, taxing inflation rather than real gains and hitting Kiwis with bills on so-called ‘profits’ that don’t actually exist.”

“Now senior Labour figures are asking taxpayers not only to accept that flawed policy but potentially making it even bigger.”

“Chris Hipkins needs to step in and provide certainty. Is this a limited tax, or just the starting point for more?”

“Kiwis deserve straight answers before the election, not after it.”

The Taxpayers’ Union’s analysis of Labour’s proposed CGT, Why Labour’s Capital Gains Tax Fails the Fairness Test, is available at https://www.taxpayers.org.nz/cgt_report