CTU urges government to support Capital Gains Tax

“Working Kiwis need to know that thisLabour led Government is built on foundations of fairness,” CTU PresidentRichard Wagstaff said.

“Supporting a fairer tax system is theright thing to do. Implementing a CGT (Capital Gains Tax) will make our taxsystem fairer. In addition there are other changes which need to be made to theway the government gathers the revenue it needs to pay for the society that weall want.”

“Working Kiwis need our leaders to becapable and guided by principles of kindness. We need a government which cantruly lead New Zealand into a future of reliable healthcare, exceptionaleducation, quality affordable housing and support and assistance for those thatneed it. This vision of New Zealand is possible when the government has thenecessary resources.”

“The facts prove that our country is notthe fair place it could be. Research conducted for the Tax Working Groupestimated that 70 percent of the assets whose capital gains it proposes betaxed (which exclude the family home) are owned by the wealthiest 10 percent ofhouseholds. The bottom 70% have only 10% of those assets, and lowest income 30%just 1 percent. This picture must change.”

“We look forward to the government declaringits support for a CGT,” Wagstaff said.

/Public Release. View in full here.