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Ryan Bridge: Businesses are the forgotten victims of the capital gains debate · Early Edition with Ryan Bridge

• 0:00
  Speaker 1: So Luxeon's back in the news. So's Jacinda. Actually this
• 0:04
  Speaker 1: is a Bryce Edwoods piece written about our MP. So
• 0:07
  Speaker 1: apparently own two point two homes per MP, more than
• 0:11
  Speaker 1: most of us. Jasindra Adern made more than three hundred
• 0:14
  Speaker 1: k while she was in office selling a property our
• 0:17
  Speaker 1: prime minister Luxeon has made close to half a million
• 0:19
  Speaker 1: dollars in capital gain. I should say we don't know
• 0:23
  Speaker 1: what he's spent on them. Now, let's really talk about
• 0:26
  Speaker 1: a capital gains tax, because we essentially have one on
• 0:28
  Speaker 1: investment property. It's the bright line test. You can argue
• 0:31
  Speaker 1: over how long that should be, and governments have changed
• 0:35
  Speaker 1: this from red to blue, you know, ten to two years.
• 0:37
  Speaker 1: So let's sideline property for just a second and talk
• 0:40
  Speaker 1: about businesses. Do you really think it's fair to tax
• 0:45
  Speaker 1: the gain on sale of a business? Business owners take
• 0:50
  Speaker 1: huge risk. They work incredibly hard. And I'm not saying
• 0:53
  Speaker 1: we don't, but they do work incredibly hard. There's the stress,
• 0:56
  Speaker 1: the late nights, the untold hours, have lost sleep. They
• 0:59
  Speaker 1: employ people, they pay them, they pay tax on their
• 1:03
  Speaker 1: earnings as they go. They help support jobs, they grow
• 1:06
  Speaker 1: the economy. They provide that tax base that we so
• 1:08
  Speaker 1: desperately need for hospitals and education, etc. And then when
• 1:13
  Speaker 1: they finally are either burnt out or wanting to move
• 1:16
  Speaker 1: on and grow something else, Bang, we hit them with
• 1:20
  Speaker 1: a tax on the sale of their business. That doesn't
• 1:24
  Speaker 1: seem fair to me. We need people to invest confidently
• 1:28
  Speaker 1: into their businesses and grow them for the benefit of
• 1:31
  Speaker 1: all of us. I don't think a capital gains tax
• 1:34
  Speaker 1: on businesses will achieve that. For more from News Talks
• 1:38
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• 1:45
  Speaker 1: Irradio