As soon as the Tax Working Group released an interim report that considers how to implement a capital gains tax in New Zealand, experts were paraded on the mainstream media to say how such a tax would solve all our economic problems.
The report also considers taxing owners for the unpaid work they do on investment property. See https://taxworkinggroup.govt.nz/resources/future-tax-interim-report
Capital gains taxes in numerous other nations have not solved the problems that are expected to be solved here. All a capital gains tax does is collect another form of tax.
A capital gains tax is shaping up as a key election issue for the next general election.
However, considering the fact that New Zealand’s MMP political system delivers tail-wagging-the-dog political power, a capital gains tax should be put to a referendum.
(This article will be extended shortly)