National would repeal capital gains tax

National Party leader Simon Bridges says new taxes have made it harder for Kiwis to get by, and the Government ‘‘warming up’’ to a capital gains tax will worsen things.

A year into opposition, Bridges has started his ‘‘Have your say’’ campaign, to crowdsource policies for the 2020 election. In his speech to Aucklanders at Parenting Place yesterday afternoon, Bridges promised not to introduce any new taxes during National’s first term if elected in 2020.

Bridges told news media a capital gains tax was very likely and any proposed exceptions for it were ‘‘even more preposterous’’.

‘‘New Zealanders are taxed more than enough,’’ Bridges said.

‘‘No new taxes. Jacinda Ardern also made that promise but she didn’t keep it and it looks like they’re warming up to a capital gains tax. We will repeal that tax, we don’t need any more, it’s bad for our country.’’

Bridges said the Tax Working

Group’s interim report created uncertainty and people were factoring it into their decisions already. ‘‘People are deciding to invest less, to do less. We want to be clear with New Zealanders, we will repeal a capital gains tax.’’

In his speech Bridges said

costs were increasing more than wages. ‘‘It’s becoming more expensive to get by, the Government is taking more of what you earn, and incomes aren’t rising fast enough. The Government has more and you have less. That’s wrong.’’

‘‘The Government is imposing a raft of new taxes and regulations on landlords including ring fencing of losses, extending the bright line test, changing the Residential Tenancies Act, introducing more costly standards and threatening a capital gains tax.’’

Bridges also criticised the rise in petrol, rents and the Government’s ‘‘good intentions that have resulted in bad outcomes’’.

‘‘Petrol prices also recently reached record highs. It not only costs you more to rent your house – it costs you more to drive to and from it.’’

‘‘The Government have banned letting fees. But landlords are now charging more rent to cover these new costs. Some are even selling up because it’s become too expensive, too difficult and too complicated. Fewer rentals, higher rents. Good intentions, bad outcomes.’’

If elected, and if the Government legislated a capital gains tax, National would get rid of it, Bridges said.

‘‘So when we see tax relief for every New Zealander replaced by a $3 billion regional slush fund which resulted in $160,000 of trees being mulched, or a $2.8b fees free policy that saw 2400 fewer students in tertiary education, and at least $250m on 190 working groups because the Government didn’t do the work in Opposition, we know they’re not spending wisely.’’