Once upon a time, Labour-leader wannabe David Parker had a dream.
It’s a dream he’s still reluctant to abandon. The problem is not his tax, he claims, just the “glitches” he had in selling it. In other words, the problem with the tax was the sales pitch, not that it was “soak the rich.”
He – or at least those contemplating voting for him – might care to read some recent research from the Canadian Fraser Institute: saying Canada's capital gains taxes hurt economy…
“While capital gains taxes raise a small amount of revenues for government, they do so at considerable economic cost by reducing returns on investment, which discourages private sector investment and entrepreneurship--two things we need more of," said Charles Lammam, associate director of tax and fiscal policy at the Fraser Institute.
Not that that sort of result would bother a would-be Labour leader at all.
[Hat tip Small Dead Animals]