Phil Goff has pledged to deliver a Capital Gains Tax if elected in November,partly to fill the multi-billion dollar gap between his promises on spending and what he can steal from taxpayers,and partly to demonstrate to the world his abject ignorance of how the world works.
Goof reckons the tax will make housing affordable again--housing he reckons was made expensive by "speculators."
Phil, you are a moron.
Housing prices boomed under your party's watch because the Reserve Bank inflated the money supply by around ten percent per year, which spilled over into the housing market, and because planners used their powers under the
RMA to strangle land supply in NZ's cities.
And if he thinks a Capital Gains Tax would have stopped this -- if he thinks his new tax would somehow ha,he defied economic reality -- then I suggest he look at the experience of every Western country that had one, where in every place it did nothing of the sort.
Which is to say the tax would be wrong, immoral and iniquitous. So no wonder it's going to be flagship Labour policy this election.