More than just capital gains

Todd Talks
By Todd Muller

The Tax Working Group report last week has gone much further than just a capital gains tax – they have offered up a suite of up to eight new taxes that the government will look to use to surgically remove more of your hard earned dollars from your wallet.

The taxes proposed would threaten the very viability of large swathes of our local economy. It is unbelievable that the government is looking for more and more ways to take money out of our community, while at the same time removing funding for key infrastructure projects like an upgrade of State Highway 2.

The capital gains tax would hit every New Zealander with a KiwiSaver, shares, investment property, small business, lifestyle block, bach or farm. They say we need a tax system that is “fair”.

In my view, there is nothing fair about owners of baches and lifestyle blocks facing a tougher CGT than corporates.

It’s all well and good for the government to say there will be an exemption for the family home. I would encourage you all to take a look at how they define the “family home”. If you’re self-employed and running a small business from a home office, there is nothing but bad news for you.

National believe New Zealanders already pay enough tax, and the government should be looking at tax relief, not taking even more out of the back pockets of hardworking Kiwi families.

That’s why we have promised to repeal the capital gains tax, index tax thresholds to inflation, repeal the regional fuel tax and not introduce any new taxes in our first term.



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