Rocket Lab founder on CGT

Newshub reports:

Rocket Lab founder Peter Beck isn’t a fan of the Tax Working Group’s recommended capital gains tax system.
“Just saw the NZ capital gains tax recommendations,” Mr Beck said on his Twitter account.
“Taxing IP and stock will decimate the already fragile NZ start up industry. NZ already has big problems around creating large valuable technology companies and this will not help.”

If you tax something you tend to decrease the supply of it. Tax labour too high and less people work. Tax consumption too high and people consume less. So if you tax capital highly, then less capital will be made available.