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Source: Taxpayers Union

The Taxpayers’ Union is calling on Westpac to bring its Chief Economist into line after his extraordinary interview published today which champions taxes on capital and makes the ludicrous claim that taxing capital increases efficiency. Taxpayers’ Union spokesman Jordan Williams responds:“We all know Dominick Stephens is pro capital gains tax, but his suggestion that ‘tax experts agree’ that taxes on capital ‘enhance economic efficiency’ is simply untrue. He needs to be called out.”“Westpac is required to be ethical and truthful in its commentary on financial matters. The claim that taxes on capital enhance efficient would make me very nervous if I was at Westpac. It’s a step too far.”“Unlike land, capital is mobile and contrary to Mr Stephens’ claim, ‘most tax experts’ actually agree that taxing capital is the most damaging form of tax.”“It’s possible that Mr Stephens has been misquoted, or the particular claim is out of context. Maybe he meant the generic statement about broadening the tax base, rather than taxes on capital, increase efficiency. But in order to avoid any perception that Westpac is entering a political propaganda sphere, rather than providing independent and truthful financial advice, he should make the correction forthwith.”