English resorts to misinformation

Stumbling Finance Minister Bill English blatantly misled listeners to Morning Report today by falsely claiming that traders who regularly and intentionally trade for capital gain will have their tax reduced to 15c under Labour's planned capital gains tax, says Labour's Shadow Finance Minister David Cunliffe.

"Labour's CGT policy statement is quite clear," David Cunliffe said. "At the moment these traders have their income from this source taxed as part of the personal tax system at their marginal tax rate. This will continue to be the case.

"Anyone who can read can see it there in black and white.

"It is revealing that Bill English is already resorting to lies to try to discredit a tax policy that is broad-based, comprehensive and fair to all Kiwis," David Cunliffe said.

"This morning he sounded defensive and ill at ease.

"The IRD suspects there are a number of people out there who are trading in property but not paying a cent in tax, let alone their fair share. A capital gains tax will ensure that everyone pays tax. We will also provide the IRD with the resources to really go after those who are trying to avoid paying their tax.

"This is only fair, and what is expected by the vast majority of Kiwis.

"Bill English, John Key and National have not had the guts and vision to produce the bold plan New Zealand needs to ensure we own our own future, pay off our ballooning debts and grow our economy.

"Their only idea is to sell off our assets."

David Cunliffe said Bill English is at sixes and sevens in debating a CGT. "He says he's against it, but then says it's not comprehensive enough. Does that mean he would be in favour if it included the family home? Who knows?

"In the past he's actually talked about a comprehensive CGT theoretically being the right thing to do.

"He hasn't had the courage to follow through on it," David Cunliffe said. "Now Labour has done so, he is resorting to deliberate misinformation."

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