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Winston Peters dismisses 'fake news' around Capital Gains Tax

Newstalk ZB,
Publish Date
Wed, 6 Mar 2019, 3:40PM
Winston Peters rejects that the current Cabinet does not have enough business experience. (Photo / NZ Herald)

Winston Peters dismisses 'fake news' around Capital Gains Tax

Newstalk ZB,
Publish Date
Wed, 6 Mar 2019, 3:40PM

Winston Peters says there is a lot of "fake news" circulating around the Capital Gains Tax proposal.

The Tax Working Group released their report two weeks ago, and in it recommended the introduction of a Capital Gains Tax. 

They said it would generate $8 billion in revenue for the Government in the first five years alone, but many commentators and Opposition politicians have come out against it. 

The Deputy Prime Minister told Jamie Mackay that it is too early to say that the public have made their minds up.

Peters says that the Government will take their time talking to small businesses and country workers before they announce what they will do. 

"What we're not going to do is support an explosion in the accountancy and valuation professions of this country, and we're not going to be subscribing to the Looney Tunes statements being made by a whole lot of people, inducing Simon Bridges, that don't relate to anything in the report, they clearly haven't read it. 

"At the end of the day, what we can promise is two things. Number one, we will have listened to the people of this country, and number two, we are going to have a simple tax system that is to benefit of all New Zealanders.

Peters says this is a classic case of "fake news, panic and bulldust" dominating the public discourse. 

"We will not be railroaded into making a decision because there are some people out there in the National Party are ranting and raving about Capital Gains Tax."

The Deputy PM says that National Party introduced the brightline test, which is essentially a Capital Gains Tax, but no one considers.

Peters also dismissed Mackay's suggestion that Simon Bridges got the best of Jacinda Ardern in the house yesterday. 

He says that the current Cabinet has plenty of business experience, more than Bridges and Gerry Brownlee. 

"David Parker has got serious business experience. Shane Jones has serious business experience. I ran a very successful law practice earning an income way more than the Prime Minister was earning, twice that at the time." 

Peters says that there is a prejudice amongst the public that National automatically knows about business, but Jenny Shipley is proof that they don't always. 

The Government will announce what they will be implementing at the end of April.  

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