In most other developed countries, people pay tax on income whether that income comes from wages or capital gains, says New Zealand Green Party co-leader, Dr Russel Norman. He was outlining the benefits of a Capital Gains Tax for New Zealand, during the annual Picnic for the Planet speech, in Auckland on the weekend (30th January 2011).
“The Green Party stands for smart, fair taxes and has the courage to say what National and Labour both know: that a capital gains tax, excluding the family home, will move capital away from property speculation,” he said. “It will put downward pressure on house prices and help make the dream of home ownership a reality for more Kiwis; it will redirect much-needed capital to a starved productive sector; and it will reduce spiraling government debt.”
The National Party was building up massive government debt, because it would not make changes that the tax system desperately needs, said Dr Norman. Labour would do no more than tinker at the edges. “Smart Green economics is about having the courage to make the changes our tax system needs so that we don't dump our debt on our grand-children,” he said.
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