Art good, business bad

17/07/2011

Whaleoil has a copy of an email from Labour’s campaign manager Trevor Mallard instructing supporters to ignore the details of the party’s proposed capaital gains tax.

He says people aren’t interested.

Why wouldn’t people be interested when the details show just how flawed the plan is?

Collectables such as art, antiques, stamps and vintage cars won’t be taxed, businesses will.

Cactus Kate calls it the Jenny Gibbs exemption.

Buy something, hold onto it while it appreciates due to a combination of time and luck and you can keep all the proceeds when you sell it.

Take a risk and pour your money, time and energy into a business and you’ll lose 15% of the value of what you achieve when you sell it.

What do we need more of? Collectables or successful businesses.

The answer to that is obvious to all but Labour.


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