Wednesday, July 6, 2011

Quote of the day - Capital Gains Tax edition

goes to Craig Ranapia in the comments of Russell's post about Labours soon to be proposed Capital Gains Tax.

If Labour actually produced a well-designed policy that doesn't have loopholes a half-way competent tax advisor could drive the Death Star through - and the claimed benefits and costing are within coo-eee of reality -- I'll give credit where it's richly deserved.

Sadly, I imagine there are a bunch of halfway competent tax advisors looking for a Death Star at the moment. I like the idea of a Capital Gains Tax. Wealth is not defined with respect to how much moeny you can spend going out to dinner. Farmers might not have spare case to fling around, but a lot of them have significant accumulated wealth. Even if you don't have buckets of liquid cash floating around, if you're able to buy an investment property on top of being able to afford a family home, you're wealthy.

Sadly, I'm not overly confident of Labour being able to not shoot itself in the foot with pretty much anything these days. Fingers crossed I'm wrong. As an aside, I'm fairly sure that the Greens have had a CGT as part of their policy platform for some time now. hrm.

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