It’s clear a Labour/Greens Government would implement a radical Wealth Tax after reports this morning the Wealth Tax was specifically designed to circumvent their promise not to introduce a Capital Gains Tax, Leader of the National Party Judith Collins and National’s Finance spokesperson Paul Goldsmith say.

“This morning James Shaw admitted he designed the Wealth Tax so Labour would be able to implement it without breaking Jacinda Ardern’s promise not to introduce a Capital Gains Tax,” Mr Goldsmith says.

James Shaw stated: ‘she (Jacinda Ardern) said that she ruled out a Capital Gains Tax so we’ve come up with another version and said how about this as an option then if you are not willing to consider a Capital Gains Tax.’

When asked whether Labour will live with a Wealth Tax, James Shaw said: ‘Well, let’s find out.’

“Both Jacinda Ardern and Grant Robertson have admitted to personally favouring a Capital Gains Tax. A Wealth Tax will serve the same purpose without breaking Jacinda Ardern’s promise to New Zealanders,” Ms Collins says.

“This will strike fear in all New Zealanders who are working hard to create a better life for themselves and their family.

“Hard working New Zealanders already have to pay income tax, company tax and GST. Taxing the assets they invest their income in – whether it be a new business, retirement savings or a house – would amount to double taxation and a raid on New Zealanders’ nest eggs including their KiwiSaver.”

“A Wealth Tax will be unworkable in practice, as those who have built up a nest egg are often asset rich but cash poor,” Mr Goldsmith says.

“A retiree in Auckland with the recommended savings at retirement, and a mortgage free house at the median value, would pay more than $7000 per year under this new tax.

“Taxing those who get ahead will also encourage our best and brightest to take their skills and capital offshore to places where entrepreneurship and success are encouraged.

“Put plainly, a Wealth Tax will make New Zealand a much poorer society.

“Under a Labour/Greens Government hardworking New Zealanders would be paying higher tax. National on the other hand will deliver temporary tax cuts, putting more of your money back into your pockets.”