The NZCTU Te Kauae Kaimahi is welcoming the much-needed tax reform proposed by the Labour Party today.
"New Zealand needs a more equitable taxation system. A Capital Gains Tax (CGT) has been an essential missing part of that system, so we welcome Labour's proposal to bring in a CGT after the next election," said NZCTU President Richard Wagstaff.
"Our current tax system advantages those who speculate in property over those who go to work every day. It reduces the investment available to foster a broader based, more sustainable economy.
"Using the proceeds from a CGT to pay for additional healthcare will benefit working people, their whānau, and the broader economy. No one benefits when people can't afford to go to a GP. Funding healthcare properly has been a key concern for the union movement.
"The CTU committed to a CGT in our recent Aotearoa Reimagined policy document. Capital gains taxation grows over time, meaning that in future there will be more funding available to fund public services.
"This kind of revenue is exactly what New Zealand needs right now. When paired with free GP visits, it's also a measure that will help tackle the cost of living for many.
"The coalition Government has given away billions in tax cuts, weighted to those who need it the least. It has cancelled or stalled billions of dollars in public investment in schools, hospitals and transport. New Zealand needs a serious conversation about how we invest in a public service and a better economy, and that must include a CGT," said Wagstaff.
