Christopher Luxon
Prime Minister
Owns 7 properties, each worth over $2 million and worth a total of $21.145 million – growing by $4.3 million in the year of 2021. As of 2022, he made around $90,000 a week in capital gains – making him more money than he did as CEO of Air New Zealand, and making him the wealthiest sitting MP as of last term. Chose to give tax cuts to landlords and corporations over working people.
Chris Bishop
Minister of Housing and Leader of the House
Worked as a tobacco lobbyist for Phillip Morris before contesting Hutt South for the National Party in 2014. He plays a major part in the reversal of Smokefree Legislation.
Nicola Willis
Deputy Leader of National and Minister of Finance
Daughter of a major business partner in the law firm Bell Gully. Her father was involved for 25 years in aiding oil and gas exploration. She plays a major part in the reversal of environmental protections as Minister of Finance.
Andrew Bayly
Minister of Consumer Affairs
Has shares worth around $91,600 in SiteSoft International Ltd, which is a software company that contracts to government agencies. He failed to declare this, despite being among the first to criticise Michael Wood for his family trust benefits. Also owns a property company and holds other property in an array of trusts, giving him a vested interest in making property developments easier for companies.
Greg O'Connor
Labour MP
Has shares and business links to electricity companies, finance companies, and pharmaceuticals, giving him an interest in keeping these businesses and industries profitable.
David Seymour
Co-Deputy Prime Minister, Leader of ACT
Worked for 7 months in his father’s engineering business before working for the billionaire-run Canadian think tank Frontier Centre for Public Policy, a notorious outlet for climate change denial and down-playing the risks of tobacco. Has “friends” in Atlas, a libertarian, free-market, and conservative think tank based in the US (despite denying it). He is seen pictured with them on multiple occasions throughout 2008 and referenced them in his 2023 state of the nation.
Andrew Hoggard
ACT MP
Had his “friend,” a tobacco lobbyist, as a guest at his swearing-in ceremony for new government ministers. He is pictured celebrating with Jones after the government was elected. He also plays a major part in the reversal of Smokefree legislation.
___________________________________________________________________________________
The total number of properties between all 120 MPs last term was 248, with only 9 MPs not owning their own property. Tamatha Paul, Marama Davidson, and Peeni Henare are among the only MPs this term who do not own their own home.
This gives almost all sitting MPs a vested interest in keeping the rental market profitable, as opposed to the allegations from Stuff in 2022 that MPs who rent are more likely to be biased towards renters.
Which is more dangerous for ordinary Kiwis?
The Prime Minister, before a week or so ago, owned seven properties, each worth over $2 million, a total of $21.145 million.
His property portfolios grew by $4.3 million in 2021, and he made $90,000 in capital gains every week in 2022, more money than he made as CEO of Air New Zealand.
He was the wealthiest MP as Leader of the Opposition, and once Prime Minister, he chose to give $3 billion in tax cuts to landlords.
This month, he sold one of his Auckland properties.
On that property, that he bought for $650,000 in 2015, it was listed at a set price of $945,000. That’s a capital gain of $295,000, which he paid no tax on.
Earlier this year, the government repealed the old bright line thresholds, opting instead for two-year period.
The bright line test has gone back to its initial two-year period, as was firt introduced in October 2018.
The new bright line test applies if you have sold a property on, or after, 1 July 2024.
That means any residential property sold within two years of it purchase date with be subject to tax on any profit made from the sale. Property owners buying after this date will only have to pay tax within in that two-year period.
That’s just under the amount of time that he’s owned the property, meaning he’ll pay no bright line and no capital gains tax.
New research from Victoria University has found that the richest people in Aotearoa are paying less tax than others in nine similar OECD nations.
We are one of only a few who have no tax on capital gains, no kind of wealth tax, and have the most pathetic income tax rate.
The Prime Minister and almost every other sitting member of Parliament own multiple properties and have investments in businesses, giving them all an interest in keeping the tax system stuffed and the housing market in favour of landlords.
They don't work for us. We work for them.
UPDATE (4 December, 2024):
The PM has sold his third house this year after changing the brightline test, meaning he made $300,000 tax-free on this sale - likely over $760,000 in profit on all properties sold this year.
Luxon just sold a two-bedroom unit in Onehunga for $930,000 - more than $309,500 than he paid for it in the first place ($620,500).
Had his latest property sale been the same as his asking price, he would have made total capital gains of $769,500 from the three sales. But he won’t actually tell us.
Original images sourced from NZME, RNZ, 1News, Three News, unless stated otherwise