Robert MacCulloch: An inconvenient truth about capital gains taxes that Labour and the mainstream media covered up

The Attorney General David Parker presented the Inland Revenue "High Wealth Individual Research Project" to a gullible mainstream media that swallowed the political purpose of the report hook, line and sinker. For example, the NZ Herald did a video to explain to its readership of several million Kiwis that the reason why the "super rich" are paying an effective tax rate of 9.4%, compared to 20.2 % for middle earners, is because the wealthy get their "economic income" mostly from capital gains which are not taxed in NZ.

If economics was only that simple. The conclusion that our Attorney General, Minister of Revenue & Herald jumped to was incorrect