Bennett David: Taxation (Residential Land Withholding Tax GST on Online Services and Student Loans) Bill — Third ReadingText is incorporated into the Bound VolumeBennett David: Taxation (Residential Land Withholding Tax GST on Online Services and Student Loans) Bill — Third Reading[Sitting date: 03 May 2016. Volume:713;Page:10729. Text is incorporated into the Bound Volume.]DAVID BENNETT (National—Hamilton East): It is amazing: when it comes to a tax bill the Labour Party is all about “could have should have” and “want to” and “do more”. It is all about doing more is it not? Well let us have a look at that speaker Mr Stuart Nash. He is the member who is the Labour spokesperson on revenue and he does not even know the GST rate. What is the difference between 12.5 percent and 15 percent? Tell us the difference. What is it? Mr Nash what is the New Zealand GST rate? This is the man who wants to be the revenue spokesperson and he does not even know what the GST rate in New Zealand is. It is not hard. It is 15 percent. It is not 12.5 percent; it is 15 percent.But I will give him credit—you know everybody can make one mistake but Mr Nash has made a number of mistakes in the tax policy. Let us remember the last big mistake Mr Nash made and that was when he wanted to tax farmers on their gross income. He did not want to have any businesses taxed on net income. A business does not need net income; if a business earns this amount of money it should be taxed on that amount of money. It does not matter about the expenses—they are not relevant are they Mr Nash? That was the other great piece of financial advice that we got from the revenue spokesperson from the Labour Opposition.So we have seen two great pieces of information from Mr Nash. One is what the New Zealand tax rates would be in GST—maybe Labour is going to drop GST. Maybe that is what it is going to do. But what we know from the third fact is that the Labour Party wants to increase New Zealand’s taxes. The Labour Party will go into the next election without any definite policy around the promises that it will make and it will be increasing New Zealanders’ tax rates to over 40 percent. You can guarantee that. New Zealand’s high-income earners will be paying over 40 percent maybe over 50 percent under Labour. That is what it intends to do.But there is more. There is one more thing—Andrew Bayly: There’s more?DAVID BENNETT: There is one more thing. That member’s leader has gone out this year and made it very clear that there would be no capital gains tax under a Labour Government. Every time we hear a speech from the Labour Party around taxation Mr Stuart Nash and Mr Grant Robertson always hark back to the need to increase taxes on the sale of property. Those two members want a capital gains tax—Stuart Nash: No we should implement the law.DAVID BENNETT: —and he says: “No”. He says: “No”. Well look at his words today: “We have to do something about this.” He wants a capital gains tax. Those are his exact words. New Zealanders beware the man wants to reduce GST if he could—if he actually knew the number—the man wants to tax you on your gross income the man wants to tax you at 40 to 50 percent and the man wants to bring in a capital gains tax. What a great revenue spokesperson in the mould of the Phil Twyford and David Cunliffe model of Labour Party spokespeople. Thank you.