It is hard to believe that the Minister for Small Business hasn’t heard from a single small business on their concerns about a Capital Gains Tax, which amounts to a tax on their hard work, National’s Small Business spokesperson Jacqui Dean says.
“A Capital Gains Tax (CGT) is front of mind for every small business owner I talk to. You would have to bury your head in the sand to avoid hearing their concerns. Where has Stuart Nash been hiding?
“A CGT would be an insidious extra tax on anyone trying to start a business – be that a plumber or an innovator who may be building the next Xero. They could be taxed if they run their business at home, then pay taxes all their working life, only to lose a third of their gains when they sell up to retire.
“We need more people to have the courage to start and grow their own business, creating jobs and contributing to economic growth. We shouldn’t be chasing them overseas with new taxes or discouraging them from even giving it a go.
“Running a small business is hard work and owners often take less for themselves to keep it going through lean years. They hope that they’d at least have something to show for it when they sell.
“Small businesses are worried about a Capital Gains Tax and they’re talking about it to anyone who will listen. I am listening but clearly, the Minister is not.
“National believes New Zealanders should keep more of what they earn. We would repeal a CGT and have vowed not to introduce any new taxes in our first term.”