National’s capital gains tax needs to go

Thu, 17 Mar, 2022

“The National Party’s capital gains tax is causing stress and uncertainty for families and it needs to go”, says ACT Deputy Leader and Housing spokesperson Brooke van Velden.

Stuff this morning reported the plight of the Spenceley family who have been forced to sell their home due to a health crisis and will be caught by the ‘bright-line test’ capital gains tax introduced by National.

“National now says ‘the approach of the bright-line rules is harsh and uncaring’. It had the opportunity to vote to repeal the bright-line test completely two days ago, but it didn’t, deciding to support a two-year capital gains tax.

“On Tuesday, ACT proposed an amendment to the Government’s Taxation Bill that would have scrapped the bright-line test completely. National voted against it.

“In 2015, when National introduced its bright-line test, David Seymour said: “…this tax is the acorn of a capital gains tax. It is a measure that will grow from two years to five to 10 to 15 years…” He was right.

“Labour has extended it to five and now 10 years. It will continue to grow unless we kill it at the root and scrap it completely.

“Real change is needed in the Beehive.

“The left doesn’t shrink from pushing its values on New Zealanders. Labour and the Greens must privately laugh when the right is too scared to change anything back.

“We can’t afford for the next government to bed in Jacinda Ardern’s ideas like John Key bedded in Helen Clark’s. ACT will be pushing National so it’s not Labour Lite.

“New Zealanders need real change. A slightly more competent manager of Labour’s policies after 2023 won’t be acceptable.”