Will’s Word: Labour Party will campaign on a capital gains tax

So they've finally done it, the good old Labour Party, after years of hinting, dodging and parking the idea for later, they're officially campaigning on a capital gains tax.

Honestly, it is the worst kept secret in politics, truly. This policy has been on the table for so long. But hey, I'm actually just stoked they've picked a lane, I'm totally here for it. And before anyone panics, this isn't a full-blown wealth tax or anything dramatic like that.

The way they've characterised this is almost like a narrow capital gains tax. So basically, say if you're flipping investment properties or making a tidy profit on something that's not your family home or farm, you'll pay tax on those gains.

Let me repeat, the family home and farms are excluded. This is good news, people. It means it won't affect the everyday Kiwi. The rate's 28 per cent won't actually kick in until 2027 if of course, Labour wins the next election.

So there's still time to debate, fight and even meme about it before anything actually happens. This is the clever part of all of it. The revenue from this capital gains tax would go toward funding free GP visits, three a year for everyone.

Which, let's be honest, if you've tried to book a doctor lately, this policy feels like a bit of a win. And I get it, for some, taxes aren't sexy. You don't hear capital gains and think, “wow, what a vibe”. But honestly, this one feels pretty fair.

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Frankly, for years, property's been this unbeatable beast. People out there are buying their third or fourth home while everyday Kiwis can barely afford their first. Wages continue to flatline while house prices skyrocket.

I'm not saying this policy is the silver bullet or the ultimate fix, but at least it tries to acknowledge it. It’s also refreshing to see Labour make a decisive move for the first time in years. After all the “we're considering options” and “we'll announce it later” talk, finally we have a clear stance.

So to the Labour Party, congratulations, though this should have been the first policy you announced, not the New Zealand Future Fund.

That's Will's word.