Huge new taxes coming your way

Stuff reports:

The Tax Working Group has reached a consensus on a capital gains tax, but it is not supported by all members of the working group, chairman Sir Michael Cullen has revealed.

That is not a consensus then. That is simply a majority vote. The media should not allow it to be described as a consensus without challenge.

Cullen said the working group had discussed an alternative option of an inheritance tax, despite an instruction from Finance Minister Grant Robertson that should be off the table.

“We are not supposed to be looking at inheritance taxes but a majority of my colleagues on the Tax Working Group appear to have a found a partial way around that,” he said. 

Staggering. He is boasting that they have managed to find a way to bring in an inheritance or death tax despite being told not to.

Of course the Capital Gains Tax is likely to be a death tax and a tax on the family home. The family home isn’t taxed, until you die. Then it does get taxed. So your parents family home will get taxed on any capital gain it has had (even if that gain is merely keeping pace with inflation) when they die (unless you move into it).