Labour will not be raising taxes if elected at this year's election. Party leader Andrew Little said his team would have enough income to pay for their election promises now the government was expecting a $1 billion surplus this year ahead of Treasury projections. But while ruling out introducing a capital gains tax on housing and raising the age of superannuation, Little said Labour would make drastic changes to negative gearing. "We're going after those negative gearing rules, there is no need for them," Little told Three. "In principle we're saying, 'Why should investors who own these investment properties have a tax advantage?'

Source: New Zealand Herald March 11, 2017 00:33 UTC