New Zealand Prime Minister Vows No Wealth, Capital Gains Tax Ahead of Election

New Zealand's Prime Minister Chris Hipkins waits before the start of a meeting with NATO's Indo-Pacific partners during the NATO summit, in Vilnius on July 12, 2023. Ludovic Marin/POOL/AFP via Getty Images

New Zealand Prime Minister Chris Hipkins revealed that he struck down a wealth tax and capital gains tax (CGT) that the Labour Party had been working on for the 2023 budget.

“I’m confirming today that under a government I lead there will be no wealth or capital gains tax after the election. End of story,” Mr. Hipkins said on July 12, ahead of the general election in October.