Wealth Tax vs CPT – why Labour needs both to win!

ByMartyn Bradbury

This pathetic debate inside Labour over whether we should adopt a Capital Gains Tax vs a Wealth Tax is the reason Labour might lose the 2026 election.

It’s as timid as their GST off Fruit and Vegetables incrementalism that plagued them last election.

The real slap in the face to the voters Labour was relying on with their bullshit limp GST off Fruit and Vegetables fiasco is that it was such a meaningless gesture, it articulated that Labour just didn’t understand the pain felt at the bottom.

This time around the exact same dynamics will come into play with their limp Capital Gains Tax ‘victory’.

The naked fucking reality you clowns is that we need BOTH Taxes, not just one or tother, BOTH!

AND MORE!

For the love of Christ Labour, are you going to actually do something meaningful or not because making it an either or tax shows you’ve learned nothing John Snow.

The task at hand comrades is to reset the tax yoke from the poorest and reset it on the richest.

  • We need properly funded public health.
  • Properly funded public education.
  • Properly funded public housing.
  • Properly funded infrastructure.
  • Properly funded mental health services.
  • We need free public transport.
  • We need free dental.
  • We need to nationalise Early Childhood Education and make it all free.
  • We need to nationalise retirement villages and build more public housing for the elderly.
  • We need to fund a 3rd state backed Supermarket to break the duopoly.
  • We need properly and fully funded addiction programmes.
  • We need Marae Civil Defence funding.
  • We need a whole new First Responder Mental Health Teams fully funded service.

There is an enormous amount of money required to actually solve the problems we face and that requires a bold new vision for tax.

We need:

  • A Capital Gains tax that doesn’t include the family home.
  • A Wealth Tax at the top 1%
  • A sugar tax to help fund free dental
  • A super tax on Vice profits from smoking, alcohol and gambling.
  • $100million ring fenced for addiction services from a legal cannabis market.
  • 5% Estate Duties
  • First $10000 tax free
  • Lower GST from 15% to 10%
  • Remove GST altogether from basket of essentials (tampons, toilet paper, fresh fruit and vegetables, tooth paste)
  • Financial Transaction Tax
  • Pollution Tax
  • Land Tax

If the Left actually want to rebuild the current public services and fund genuine solutions by growing the society positively, it is going to need more money.

We must lift the tax yoke off the poorest and put it on the richest!

Bring GST down, subsidise cost and make the wealthiest pay.

Arguing over which tepid tax to gingerly embrace is not a solution and will lead to more Labour Party incrementalism.

The other thing the Labour Party strategists are not seeing is that a strong egalitarian tax policy will bring those middle class Labour Party Auckland voters that Labour haemorrhaged to the Greens back.

For a Party that keeps saying it wants to win Labour they don’t seem to understand why they lost

Labour fucked Auckland over the lockdown, and then added insult to injury by not recognising any of that pain with a build back that justified the sacrifice.

Labour lost working class voters because GST off fruit and vegetables and the petrol prices going back up were a slap in the face and they lost the middle classes who looked at their joke economic platform and intellectually gave their vote to the Greens for their wealth tax.

If Labour had a strong tax policy that gave to the poor while taking from the rich, they would gain back the middle class voters who moved to the Greens WHILE winning back the working classes who didn’t bother too vote.

For a Party that keeps saying it wants to win Auckland back, they don’t seem to know where Auckland is.

A strong Labour Party Tax policy would win back middle class Auckland voters, give working class South Auckland voters a reason to vote and it would take the Greens down a peg or two to a manageable 9% because doesn’t that Party List start getting flakey pretty quick?

 

 

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34 Comments

  1. A Capital Gains tax that doesn’t include the family home.
    No, CGT is not efficient or fair. CIT is much fairer and easier to implement. This is what Mr Parker recommended.

    A Wealth Tax at the top 1% No- use a CIT across all wealth, no exceptions. Note most wealth is in property in NZ

    A sugar tax to help fund free dental – Yip. Hard to implement. But fair

    A super tax on Vice profits from smoking, alcohol and gambling. Already in place.

    $100million ring fenced for addiction services from a legal cannabis market. Not sure. Not my area of expertise

    5% Estate Duties – Yeah, you could argue its fair.

    First $10000 tax free. Hmmm- not sure. Fixing the thresholds to the Rate of inflation probably more important.

    Lower GST from 15% to 10%. No, GST is great for capturing the offshore digital market that would otherwise be untaxed.

    Remove GST altogether from basket of essentials (tampons, toilet paper, fresh fruit and vegetables, tooth paste). No- why doesn’t the left get this??? This is inefficient and subjective.
    Financial Transaction Tax. Maybe. Need for information

    Pollution Tax. Yes.

    Land Tax. Not needed if you apply a CIT.

    1. A CIT is taxing unrealised gains. Taxing a calculated estimate of earnings.

      Therefore, someone (taxpayers or the Government/IRD) will end up shortchanged.

      Further, taxing unrealised gains is a hard sell.

    2. Also, what is CPT as in the title for this post? I looked it up it is …dahdah…
      Cone Penetration Testing (CPT) – WSP wsp.com
      https://www.wsp.com › en-nz › services › cone-penetrat…
      Cone Penetration Testing (CPT) is performed by hydraulically advancing a penetrometer rod into the ground while measuring tip resistance, friction and pore ..

      So it is about geological exploration of rocky places etc – which may not be unconnected with exploring the interiors of the denizens of the Beehave! But am I boring you? But there, we have all learned something, so time not wasted. Can CGT go into the title please which I think was intended?

  3. The country would not advance if the left brought in all these taxes and then spent it on a bloated civil service that just moved paper around and held talkfests .

    1. Trevor sit down and have a nice cup of tea, not too much sugar, and don’t drown it in milk. You could put in the time you spend writing here finding the best tea blend for you and trying out all those fruit teas. Start a Tea Party!

    2. The alternative is to have a government that does stuff which is profitable. Build state houses that provide revenue for 100 years. Build water infrastructure that provides revenue for 100 years. State Advances house purchases that provide revenue for 30 years. Residential solar that provides revenue for 30 years. Wind farms revenue for 40 years. According to the Bank Of England a government doesnt even need to levy tax to make those things happen.

    3. The bloated salaries of the right’s hand picked lackies that cook the books and hold down two jobs Trevor is your problem son. Next time you are in hospital and taking your last breath because you can’t see a nurse or doctor because they are “just moving paper around and held talkfests”.

      You are completely clueless.

  4. Why make it a capital gains tax? Why not simply a wealth tax?
    One of the criticisms of a capital gains tax is that it is difficult to administer. Fair enough.
    But IRD already collects the data on people’s income and assets( they do for me anyway) so why not just assess people’s tax on the basis of their income and assets?
    If people now tell me that the rich will look for loopholes and dodges my answer is that the bastards do that in any event.
    Because I am so ancient I actually remember when wealthy New Zealanders paid high taxes.
    Did this retard economic growth and stifle progress? Did it fuck.
    The 1950s and 1960s were times of prosperity with high taxation on wealth and(gasp, shock, horror) MANY WEALTHY PEOPLE WILLINGLY PAID IT! Unbelievable as it sounds people brought up in plenty and comfort did not mind sharing it.

  5. Labour are a lost cause for the left. Have been for decades.

    How long before that actually sinks in?

  6. Financial Transaction Tax is the fairest. A whisper thin slice on every bank transfer over a set amount (say) $5,000. So that it doesn’t impact most paypackets but hits the bigger spenders. If its kept small, it won’t be noticed and not worth avoiding.
    Any new tax needs to be ring fenced- otherwise it will be sloshed around and we get more wastage for no gain.
    We should think ahead also to a highway tax on all major roads, with toll cameras (say) every 200kms up and down the country, again quite small and this could help with some of the rail /roading infrastructure or fund a new Ministry of Works.

  7. If the worst happened and the left get in with all their tax grabs then tax accountants will soon be driving flash cars .

  8. If the worst happened and the left get in with all their tax grabs then tax accountants will soon be driving flash cars .

  9. It seems to me that Wealth and Land Taxes will be a threat to Maori and others who own and manage significant areas of land so as to preserve environmental, cultural and social values. In theory such taxes would have the effect of dispossessing “not for profit” owners in favour of capitalists who extract the maximum profit from land and other natural resources. If my fears are misplaced, perhaps someone can explain.

  11. Out of idle curiosity, what do you think would happen if a Labour/Green/Maori Party government were to get hold of all that lovely money?

    1. A much better health system and nurses pai better than 1%.

      As it was previously under Labour.

  12. You all forget we live in a MMP system. If Labour gets too ambitious with tax they will scare too many in the middle and not get elected.

    Better to get a simple CGT across the line first and then ramp it up over time. This is the way to get elected.

    It’s very unfortunate that the left made the tremendously poor strategic error to move to MMP that effectively baked in rogernomics. The damage has been done now and incremental change is the only ticket in town.

    Also do want Martyn says stop the wokey tokey stuff or you will drive young men away (the recent US election demonstrates this very clearly).

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