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Selwyn Manning & Will Pollard On Labour's Capital Gains Tax
95bFM Audio: Selwyn Manning & Will Pollard On Labour's Capital Gains Tax Strategy
Selwyn Manning and Will Pollard discusses the soft-launch of Labour's capital gainst tax proposal. Strategically, Labour has moved to address a hole in New Zealand's economy, a hole that the OECD, IMF, and other international bodies have identified as problematic. It is a hole that our major trading partners all filled years ago.
While in government, National has done nothing to address the hole, rather it has decided to ensure the interests of its stakeholders are pandered to.
In a sense, and with regard to property investment, in the absence of a capital gains tax, New Zealand current status has provided a haven for tax avoidance. Is it any wonder the property speculators have invested in this sector at four times the rate of investment received by the New Zealand Stock Exchange. Why, because to date such investment has been able to avoid paying tax, whereas investment on stocks is not.
This hole has arguably robbed this young country of revenue that could have been used to assist the nation's growth. In short, that has been allowed to occur because of political timidity decisions over prudent governance.
Is Labour's brave tax
plan going to draw favour from the voting public? The
answers to that wont show until November this year. But in
the meantime, the public will have to consider:
* Is
Labour's CGT proposal a fair and equitable tax?
* Is
Labour's CGT proposal a sound partial medium to long term
economic solution?
* Is National's partial sell-off of
strategic public assets only a short-term response?
*
Will Labour create a means to prevent landlords from pushing
CGT costs onto tenants?
* What party's argument is most
credible?
FORE MORE, SEE:
- Gordon Campbell - On the capital gains tax debate
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