Richard Harman at Politik writes:
Labour is looking for a replacement for its capital gains tax.
And one influential former advisor is advocating a wealth tax, particularly the return of death duties.
Yes, because people should be taxed for dying.
However Finance Spokesman, Grant Robertson, while he says the party is looking at taxing wealth thought estate duties would be unlikely.
They fought abolishing them, so why wouldn’t they bring them back?
But scrapping the Capital Gains Tax proposal leaves a big hole in Labours fiscal projections.
The party forecast that the tax would bring in $25 million in its first year rapidly rising to over $1 billion a year after six years.
Labour either will have to restrict their spending promises to what the current tax take can afford, or they will have policies to increase taxes and impose new taxes to fund their promises. Sadly I doubt it will be the former, so we wait to see whether or not they will opt for death taxes.