The idea made sense, but most Kiwis hated it
THE LEADER of the opposition, Simon Bridges, called it an “assault on the Kiwi way of life”. To former politicians it was “stubborn” and “vindictive”. On April 17th New Zealand’s Labour Party succumbed to such pressure and abandoned plans to impose a contentious capital-gains tax on investment properties, shares and business assets. “While I have believed in a CGT, it’s clear many New Zealanders do not,” said Jacinda Ardern, a prime minister more accustomed to applause than defeat.
Advocates of the tax hoped it would deter Kiwis from stashing their cash into bricks and mortar and thus cool overheated property prices. The government’s advisory group said it would help reduce the tax system’s coddling of the richest New Zealanders. The country has no stamp duty, or tax on land, estates or inheritance. The wealthy benefit disproportionately from income from property and other investments.
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