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Taxing property deals rejected

The Greens say a capital gains tax on property deals would help rein in the rampaging Kiwi dollar, but the Bank of New Zealand's chief economist thinks such a tax would fail and simply fuel the property boom.

Monday, January 19th 2004

The measure, which would exclude the family home, was suggested by Greens co-leader Rod Donald yesterday as one of four ways Finance Minister Michael Cullen could combat the continued rise of the dollar against the US dollar.

Mr Donald said Dr Cullen's failure to arrest the rise was hurting exporters, tourism operators and domestic manufacturers. The kiwi traded at just over US68c yesterday - the highest level since June 1997.

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