Capital gains theft
John Key rules out a Capital Gains Tax. Yesterday, Bill English ruled it in. Key said back in September that Capital Gains Taxes were “inefficient” and “did not achieve the objective of stopping a housing boom . . . in the United States, Australia and the United Kingdom.” Carefully avoiding using the words “family home,” Billy Bob indicated yesterday however that Capital Gains Taxes on investment property – which means everything other than yours and Bill’s family homes, wherever they might be – are just the release of a taxation report away.
For a pair who supposedly know what they’re doing (yeah, right) these two can’t even get their stories straight . . . and English just can’t avoid his eyes gleaming at the prospect of a new tax.
D’you remember which mainstream party it was who went into the election on a platform of tax cuts? Turns out they’d rather break their promises to you than consider cutting their own profligate spending.
And yes, there are still idiot economists around who will be applauding this – what Lenin used to call “useful idiots” – the sort who think the way to “fix” NZ’s economic woes is a whole raft of new taxes. By their applause shall ye know them.