I see Brash has put out a release headlined: “CGT Reactionary, Ruinous, Retrograde and Wrong – Brash”
Is that the same Brash that put out a booklet when he was reserve bank governor, which said:
The absence of a capital gains tax, and the over-taxation of many types of productive investment (largely because of depreciation allowances based on historical cost), together mean that inflation creates a strong bias in favour of real estate investment and against investment in plant and equipment.
Or made a speech in 1998 that said:
It is not at all clear to me why, given an already-strong tendency for New Zealanders to invest in property, we should give special tax advantages to that form of investment.
Or Don Brash from Monday who said:
I think you will find most economists feel uneasy about the fact that someone who works for wages can pay tax at 33 percent…and someone who makes a capital gain pays no tax on that. It does on the face of it seem unfair.