17 October 2024 – Tax Justice Aotearoa welcomes the latest 1News-Verian poll finding which shows almost half of voters would support a capital gains tax that excludes the family home.
The poll asked “Do you support or oppose the introduction of a capital gains tax (CGT) on properties other than the family home?”
More voters than not said they would support the introduction of a CGT, with 46 per cent in favour and 41 per cent opposed. 13 per cent did not know or preferred not to say.
“This poll shows that New Zealanders are tired of the current unfair system, in which you are taxed less if you make a living from buying and selling houses than you do if you work an ordinary job,” says Tax Justice Aotearoa chair Glenn Barclay.
“New Zealand is an outlier internationally in that we do not tax capital gains in a comprehensive way. The additional revenue raised could fund vital services such as education, healthcare and infrastructure and help address climate change – leading to a better quality of life for all New Zealanders.”
“Our tax system is way out of balance and a capital gains tax (CGT) is a good first step to help level the playing field between wage earners and those who mainly earn their money through investments,” Barclay says.
“There has been growing support for a capital gains tax from a range of individuals and organisations in the media in recent weeks and this poll shows the public of New Zealand are supportive too.”
Polling commissioned by TJA also indicates a strong public appetite for a tax on capital – and showed that when the concept is properly explained, support was even stronger.
“Once people understand that gains from the sale of assets such as houses and shares is income, just like income from employment, they realise how unfair our current system is,” Barclay says.
“Given the public level of support for treating all sources of income consistently for tax purposes, we call on all political parties to act now.”
