Abolish 15 per cent GST. Replace with 1 per cent financial transaction tax as recommended by the New Zealand Bankers Association. Same money.
Earlier this week I ran into a couple of executives from NZBA. They had the good sense not to read Matt’s column, so were surprised when I told them that Matt said they supported a Financial Transactions Tax.
They do not, of course. It has been a disaster in the couple of countries that have tried it.
They complained to the Herald on Sunday about the misrepresentation, but their complaint was decline on the basis they they once did support an FTT – in 1985!
Would anyone reading that column think that was a 30 year old position, rather than a current position. Of course not. Entirely misleading.
I don’t know why print media are so loath to run corrections. I think it helps your credibility when you do.
I look forward to the Herald on Sunday and Matt McCarten talking about how Labour supports privatisation, because they once did in 1985.
Worth noting one other policy of Matt’s:
Abolish PAYE on wages and salaries. Replace it with a wealth tax and a capital gains tax when shares, businesses, land and property are sold. People are taxed when they’re cashing up, not when they are making it.
I’m sure Matt does want PAYE abolished, as UNITE doesn’t pay it anyway.Tags: FTT, Herald on Sunday, Matt McCarten, NZBA, Unite