1) The Labour Government lacks transparency The Government clearly wanted their tax change on Kiwisaver to fly under the radar. It would hit three million people with KiwiSaver accounts, 15 times more than the 200,000-odd hit by Labour’s top tax rate or investment property changes. This was most apparent in the case of the proposed capital gains tax – Labour was for it one day, and the next they were ruling it out forever. According to Parker Labour was surprised by the negative reaction to the Kiwisaver tax policy from finance businesses – and that’s why he claims the policy had to be axed. Of course, as with a wealth tax, Parker’s tax on Kiwisaver fees had some merit.

Source: Stuff September 01, 2022 23:08 UTC