Saturday, 18 December 2010

Give speculators the boot!

Tax Justice media release
15 December 2010

“Financial speculators should be given the boot, not welcomed into the country with the promise of paying no tax,” says Vaughan Gunson, Tax Justice campaign coordinator.

Mr Gunson says prime minister John Key’s plans to fast track a tax haven for the super-rich is the opposite of what the government should be doing. (See Key itching for quick action on financial hub, NZ Herald, 2 Dec)

“Big banks and financial traders have just caused the biggest economic meltdown since the Great Depression. Their financial games have caused a lot of New Zealanders to lose their jobs or get in trouble with the bank,” says Gunson.

“We shouldn’t be rewarding a tiny global elite and encouraging a financial activity that inevitably leads to bust.”

“The ballooning government deficit, made worse by National’s tax cuts for the rich, urgently requires new solutions to tax and the economy,” says Gunson.

The Tax Justice campaign wants a tax on financial speculation and the money flows of banks and big corporates. The introduction of a tax on financial transactions of 1 cent in every dollar would potentially net billions of dollars of tax revenue.

“If we taxed the speculators,” says Gunson, “we could afford to take GST off food and do the things the government must do to build an economy that works for people, such as fund public services properly, lift benefit levels, and create real jobs.”

“The support we’re getting on the street for our Tax Justice petition shows that people are unhappy at the inequities in our tax system and want change.”

A pre-Xmas signature drive for the Tax Justice petition will be taking place around the country on Saturday 18 December and Sunday 19 December.

“We expect to finish the year with over 30,000 signatures collected,” says Gunson. “We plan to present a lot more signatures to parliament in August next year.”

New Zealanders can sign the Tax Justice petition online at

For more information and comment on the campaign, contact:

Vaughan Gunson
Tax Justice campaign coordinator
(09)433 8897
021-0415 082

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