I recollect that when the capital gains tax was introduced any property owned at the time of the introduction of the tax would have been exempt. The Greens appear to favour a wealth tax and Labour a capital gains tax. A lot of the comments I get about a capital gains tax suggest that people have it confused with a wealth tax. It is important to remember that the capital gains tax - or CGT, as proposed by Sir Michael Cullen’s Tax Working Group in 2019 - exempted the family home. Capital gains taxes tend to have supporters on the left and right (they have many supporters in the financial market).
Source: New Zealand Herald May 15, 2024 01:38 UTC