A capital gains tax would be inefficient and distortionary and is never going to happen, New Zealand's Revenue Minister and United Future leader Peter Dunne announced on January 27.
"It's a hoary old chestnut and it's time it was put to rest once and for all – no government is going to bring it in," Dunne remarked, adding:
"The idea of a general capital gains tax has been around since the 1980s but has never gained any real support."
"As I've consistently said, it is simply not going anywhere and the time has surely come to bury it because no government will ever implement it, so these periodic discussions on it are a waste of time", he continued.
Dunne said it would be political suicide for any government to implement, and it was time that "the theorists and ideologues understood that".
"United Future will have no part of promoting backward-looking, draconian measures – and I certainly will not as Revenue Minister", the Minister concluded.
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