Watching Chris Hipkins igniting the bonfire of Labour's vanity projects when he took office earlier this year reminded me of the old Groucho Marx quote: “These are my principles, and if you don't like them, well, I have others.”

I was reminded of this again when I heard Chris Hipkins rule out a wealth tax and capital gains tax as long as he is leader of the Labour Party. This had been something that dyed in the wool Labourites had prepared to die in a ditch for, until it looks like it's going to cost them votes.

Labour had a plan to introduce a wealth tax in the May budget to pay for a tax free threshold for New Zealanders, and in the discussions they some were very strong about wanting this wealth tax but Hipkins pulled the pin at the last minute.

And why did he do that?

Not because he'd had a road to Damascus conversion and decided that a wealth tax was not the right tool to bring about a fairer, more equitable society.

Not because he had something up his sleeve that was better than a wealth tax, and would bring about that fairer, more equitable society.

But because Labour has taken a deep dive on the polls and he knew a wealth tax would cost them votes.  

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