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CTU urges government to support Capital Gains Tax

“Working Kiwis need to know that this Labour led Government is built on foundations of fairness,” CTU President Richard Wagstaff said.

“Supporting a fairer tax system is the right thing to do. Implementing a CGT (Capital Gains Tax) will make our tax system fairer. In addition there are other changes which need to be made to the way the government gathers the revenue it needs to pay for the society that we all want.”

“Working Kiwis need our leaders to be capable and guided by principles of kindness. We need a government which can truly lead New Zealand into a future of reliable healthcare, exceptional education, quality affordable housing and support and assistance for those that need it. This vision of New Zealand is possible when the government has the necessary resources.”

“The facts prove that our country is not the fair place it could be. Research conducted for the Tax Working Group estimated that 70 percent of the assets whose capital gains it proposes be taxed (which exclude the family home) are owned by the wealthiest 10 percent of households. The bottom 70% have only 10% of those assets, and lowest income 30% just 1 percent. This picture must change.”

“We look forward to the government declaring its support for a CGT,” Wagstaff said.