Labour’s CGT tax grab is coming for 300,000 Kiwis

John Key destroyed David Cunliffe’s capital gains tax plans last night in The Press leaders debate.

He forced David Cunliffe to admit that 300,000 Kiwis were going to get slammed with the capital gains tax on what is ostensibly their family home, despite the promises of the Labour otherwise.

John Key landed a blow on David Cunliffe over Labour’s planned capital gains tax in a fiery leaders debate in Christchurch.

ONE News political reporters say The Press leaders debate seemed pretty even until the National leader turned to his Labour counterpart and asked: “Will I pay a capital gains tax if my family home is in a trust?”

After being challenged again with the question, Mr Cunliffe responded that Labour will run surpluses every year “as long as there is no international downgrade”.

He said Labour will “pay down the record debt this government has built up – more than New Zealand borrowed during World War Two”.  

Mr Key said the answer to his question is that you will pay capital gains tax on the family home if it’s in a trust because you are not the owner-occupier.

“And this is going to be interesting news to New Zealanders because there are 300,000 New Zealanders who have their family, their home, in their family trust,” he said.

Labour’s capital gains tax plans are now in tatters.

Voters will now realise what that means.

As they say in the trade…that’s a game changer.

any claims now that the CGT won’t apply to what Kiwis consider to be the family home will be met with derision.

Cunliffe was caught like he was snapped pants down in a carpark liaison with someone other than his wife.

– One News

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As much at home writing editorials as being the subject of them, Cam has won awards, including the Canon Media Award for his work on the Len Brown/Bevan Chuang story. When he’s not creating the news, he tends to be in it, with protagonists using the courts, media and social media to deliver financial as well as death threats.

They say that news is something that someone, somewhere, wants kept quiet. Cam Slater doesn’t do quiet and, as a result, he is a polarising, controversial but highly effective journalist who takes no prisoners.

He is fearless in his pursuit of a story.

Love him or loathe him, you can’t ignore him.

To read Cam’s previous articles click on his name in blue.