People support a CGT – but only the one we already have

Some media have trumpeted a poll from Ipsos that says 65% of NZers support a Capital Gains Tax. But they over look the fact that when you ask about details, they actually oppose most aspects except what we already have.

The actual support for different things being taxed are:

• Sale of an investment property 57%
• Sale of a business 43%
• Sale of other assets 22%
• Sale of family home 13%

Investment properties that are sold within the bright line period are already fully taxed.

A CGT such as the Cullen TWG recommended actually only has 22% supporting it – a far cry from 65%.

Also worth noting that if a CGT comes in, then 58% want other taxes reduced to compensate and only 29% want it to be used to increase the overall tax take.